Flutterwave, Africa's leading payment technology company, has introduced Swap, an innovative solution created in collaboration with Wema Bank and Kadavra BDC, and approved by the Central Bank of Nigeria (CBN). The unveiling occurred at a press conference held at their Ikoyi, Lagos office.
Swap which will serve as the secure & reliable digital
platform for Nigerians to have immediate access to foreign currency at
competitive exchange rates comes at a time when Nigerians and businesses are
experiencing limited access to foreign currencies which has posed a significant
challenge for individuals seeking to engage in international transactions,
investments, and other cross-border financial activities.
Additionally,
these challenges have hampered macro-economic growth and personal financial
goals, making it difficult for individuals to fully access global
opportunities.
Beyond
being the digital platform that has been approved by the CBN to facilitate
currency exchanges for businesses and consumers, Swap will ensure that every
exchange is not only seamless and secure, but also financially rewarding,
granting consumers greater purchasing power and businesses massive investment
potential.
To
provide rapid access to global currencies like Dollars, Euros, and British
Pounds, Flutterwave will also be introducing a convenient card issuance system
to Swap users.
Aiming
to distribute more than 10 million of these cards to Nigerians from October
2023, this move will be beneficial for Nigerians who require swift access to
Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) to
facilitate their educational pursuits, business endeavors, and diverse travel
requirements.
Commenting
on the product launch, Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave: “At Flutterwave, our dedication to
innovation is matched only by our commitment to simplifying financial processes
for endless possibilities. Swap represents a significant leap forward in how
Nigerians will engage with foreign exchange.
“We understand the FX access challenges
individuals and businesses face, and Swap is our answer to those pain points,
providing a seamless and efficient platform for currency exchange. We are
honored to have secured regulatory approval and the trust of our partners
Kadavra BDC and Wema Bank to bring this life-changing solution to Nigerians.”
When
asked about Swap, Cynthia Onyinyechi, CEO, Kadavra BDC said: “Swap is a step in the right direction for
solving major FX problems for Nigerians, and has simplified the process for
accessing foreign currency at the click of a button.”
Morufu Oseni, Managing Director, Wema Bank
said: “Our support for digital innovation in the Nigerian finance industry has
been unrivaled since the launch of our digital Bank, ALAT. As a bank that is
committed to digital innovation, we are proud to be on this journey with
Flutterwave because we believe a product like Swap will have a major impact
across all sectors.”
One-click
access to Swap is available to existing users of Flutterwave for Business and
Send App. Swap will also be available via API for banks, and to Nigerians who
sign up newly on the platform.