“Building a thriving payments ecosystem in Nigeria, Africa’s largest economy, is in line with our goal of developing a world class and secure payment infrastructure for global merchants and payment service providers across the continent.”
Africa’s leading payments technology company, Flutterwave has acquired a Switching and Processing License by the Central Bank of Nigeria (CBN) for transaction switching and card processing services to customers.
The new license also allows Flutterwave to include non-bank acquiring, agency banking and payment gateway services.
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The Switching and Processing license allows Flutterwave to enable transactions between banks, fintechs and other financial institutions. The Company is also able to process card transactions, participate in agency banking and offer various payment services without any intermediary.
Meanwhile, prior to this license, Flutterwave operated with its Payment Solution Service Provider (PSSP) and International Money Transfer Operator (IMTO) licenses.
Reacting to the development, the Chief Executive Officer and Founder, Olugbenga Agboola described the accomplishment as big news for customers, partners, investors, and other stakeholders. He also noted that it is an important milestone in the company growth story.
He said, “Building a thriving payments ecosystem in Nigeria, Africa’s largest economy, is in line with our goal of developing a world class and secure payment infrastructure for global merchants and payment service providers across the continent.”
Commenting on the news, Flutterwave’s Chief Regulatory and Government Affairs Officer, Oluwabankole Falade said the fintech firm was thrilled to have been issued this license after fulfilling all of the regulatory requirements.
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“The application process was very rigorous and included a detailed review of our operations as a business. As a switch, we have more responsibilities and will continue to work with Regulators to ensure we meet and exceed their expectations.”
According to the Head of Product Marketing, Onyedikachim Nwankwo, the new development will allow the team to offer more services and explore more payment use cases for ecosystem.
“With this license, we can offer more value to our customers while taking more control of our value chain to enable an improved payments experience for our enterprise, medium scale and retail customers, Nwankwo added.
The application and review process by the CBN was a tough and rigorous process that examined every aspect of Flutterwave’s business, including the company’s financial position.
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