By Cynthia Ezekwe
Nigerian fintech company Flutterwave has launched a digital FX solution in partnership with Wema Bank and Kadavra BDC.
The service, known as Swap,is designed to enable Nigerians have immediate access to foreign currency at competitive exchange rates
The leading payment service provider in Africa said the cutting edge solution is backed by the Central Bank of Nigeria (CBN) to serve as a secure and reliable digital platform, 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.
- UBA introduces NQR for convenient financial transactions
- Nigerian develops AI-powered writing app, LexiGenius to enhance future…
- Access Holdings’ gross earnings jump 59% to N940.31bn in H1’23
- How cyber insurance can protect Nigeria’s digital ecosystem
- Nigerian executives tooled up in London at TEXEM UK’s digital age programme
Commenting on the product, Olugbenga Agboola, founder and CEO of Flutterwave, said Flutterwave is dedicated to innovation which is matched only by its commitment to simplifying financial processes for endless possibilities. Swap, he said, 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,’’ the CEO explained..
Agboola noted that 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.
Moruf Oseni, managing director, Wema Bank emphasised that the support for digital innovation in the Nigerian finance industry has been unrivaled since the launch of the Wema’s digital banking service, 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,” he added.
On her part,Cynthia Onyinyechi, CEO, Kadavra BDC described Swap as a step in the right direction for solving major FX problems for Nigerians, noting that it has simplified the process for accessing foreign currency at the click of a button.