In a game-changing move for Nigeria’s financial landscape, Flutterwave, Africa’s leading payments technology company, has unveiled ‘Swap,’ an innovative digital platform that empowers Nigerians with immediate access to foreign currency at competitive exchange rates.
Developed in collaboration with Wema Bank and Kadavra BDC and supported by the Central Bank of Nigeria (CBN), Swap is set to benefit both individuals and businesses.
Nigeria has been grappling with limited access to foreign currencies, posing significant challenges for international transactions, investments, and cross-border financial activities.
Swap is poised to tackle these hurdles head-on by providing a secure, dependable, and efficient means of currency exchange.
One of Swap’s standout features is its provision of competitive exchange rates, accompanied by a hassle-free card issuance system.
This feature enables users to swiftly and conveniently access foreign currency, whether it’s for travel, education, or business purposes.Aiming to distribute over 10 million of these cards to Nigerians starting from October 2023, this initiative promises immense benefits to individuals seeking quick access to Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) for educational pursuits, business ventures, and various travel needs.
Olugbenga ‘GB’ Agboola, CEO of Flutterwave, expressed, “Swap represents a significant leap forward in how Nigerians engage with foreign exchange.
We recognize the challenges faced by individuals and businesses, and Swap is our solution to these pain points. We are honored to have gained regulatory approval and the trust of our partners Kadavra BDC and Wema Bank to introduce this life-changing solution to Nigerians.
“Cynthia Onyinyechi, CEO of Kadavra BDC, commented, “Swap is a step in the right direction for addressing major FX issues for Nigerians. It has simplified the process of accessing foreign currency with just a click
.”Moruf Oseni, Managing Director of Wema Bank, added, “We are proud to be on this journey with Flutterwave because we believe a product like Swap will have a significant impact across all sectors.
“Swap is accessible to existing Flutterwave for Business and Send App users and will also be available through API integration for banks.
Additionally, newly signed-up Nigerians can access the platform. For more details about Swap, visit flutterwave.com/swap.
About Flutterwave: Flutterwave is a leading payments technology company that empowers businesses worldwide to expand their operations in Africa and other emerging markets through a platform facilitating cross-border transactions via a single API. With over 550 million transactions processed, valued at over USD $32 billion to date, Flutterwave serves more than 2 million businesses, including renowned customers like Uber, Flywire, and Booking.com.Its core strength lies in international payment processing across 150 currencies and multiple payment modes, including local and international cards, mobile wallets, bank transfers, and Barter by Flutterwave. Flutterwave has a presence in over 34 African countries, including Nigeria, Uganda, Kenya, and South Africa. To learn more about Flutterwave’s journey, visit www.flutterwave.com.
