Africa’s leading payments technology company, Flutterwave, has announced the launch of Swap, in partnership with Wema Bank and Kadavra BDC.
Swap is a cutting-edge solution backed by the Central Bank of Nigeria (CBN) to serve as a secure and reliable digital platform for Nigerians to access foreign currency at competitive exchange rates immediately.
On Monday, this announcement was made at a press conference at the Flutterwave office in Ikoyi.
Swap comes at a time when Nigerians and businesses have limited access to foreign currencies. This 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 macroeconomic growth and personal financial goals, making it difficult for individuals to access global opportunities fully.
Beyond being the digital platform approved by the Central Bank of Nigeria (CBN) to facilitate currency exchanges for businesses and consumers, Swap will ensure that every exchange is seamless and secure and financially rewarding, granting consumers greater purchasing power and businesses massive investment potential.
Flutterwave will also introduce a convenient card issuance system to Swap users to provide rapid access to global currencies like dollars, euros, and British pounds.
Aiming to distribute more than 10 million of these cards to Nigerians by October 2023, this move will benefit Nigerians who require swift access to Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) to facilitate their educational pursuits, business endeavours, and diverse travel requirements.
Commenting on the product launch, Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, said:
“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 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.”
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 of accessing foreign currency at the click of a button.
Moruf Oseni, Managing Director of Wema Bank, added: “Our support for digital innovation in the Nigerian finance industry has been unrivalled since the launch of our digital Bank, ALAT.
As a bank 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.”
Existing users of Flutterwave for Business and the Send App can access Swap with one click. Swap will also be available via API for banks and Nigerians who sign up on the platform.
