Payments technology company, Flutterwave has launched a digital FX platform for Nigerians in partnership with Wema Bank and Kadavra BDC
Swap is backed by the Central Bank of Nigeria (CBN) and 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. Having greater access to financial services is seen as key to improving macro-economic growth and maximising global opportunities in the region.
Flutterwave said it will also be introducing a convenient card issuance system to Swap users so they can have immediate access to global currencies like Dollars, Euros, and British Pounds. It is aiming to distribute more than 10 million of these cards to Nigerians from October 2023.
The cards are expected to be particularly beneficial for Nigerians who require swift access to Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) to facilitate educational pursuits, business endeavors, and travel requirements.
Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave said: “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 honoured to have secured regulatory approval and the trust of our partners Kadavra BDC and Wema Bank to bring this life changing solution to Nigerians.”
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.
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”
Moruf Oseni, Managing Director, Wema Bank added: “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.”