Flutterwave, Africa’s leading payments technology company, has partnered with Wema Bank and Kadavra BDC to launch Swap, a cutting-edge solution that provides Nigerians with immediate access to foreign currency at competitive exchange rates. Backed the Central Bank of Nigeria (CBN), Swap aims to address the limited access to foreign currencies experienced individuals and businesses in the country, which has hindered international transactions, investments, and other cross-border financial activities.
Swap is not only a digital platform approved the CBN for facilitating currency exchanges but also ensures seamless and secure transactions, offering both consumers and businesses greater purchasing power and investment potential. To further enhance convenience, Flutterwave will introduce a card issuance system for Swap users, distributing over 10 million cards to Nigerians from October 2023. This system will benefit individuals who require swift access to Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) for educational pursuits, business endeavors, and travel needs.
Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, expressed his excitement about the launch of Swap, stating that it represents a significant advancement in how Nigerians engage with foreign exchange. Agboola acknowledged the challenges faced individuals and businesses in accessing foreign currencies and emphasized that Swap provides a seamless and efficient platform for currency exchange.
Cynthia Onyinyechi, CEO of Kadavra BDC, commended Swap as a step in the right direction for solving major foreign exchange problems for Nigerians. She noted that the platform has simplified the process of accessing foreign currency at the click of a button. Moruf Oseni, Managing Director of Wema Bank, also emphasized the bank’s commitment to digital innovation and its belief in the transformative impact of Swap across all sectors.
Existing users of Flutterwave for Business and Send App can access Swap with just one click. The platform will also be available via API for banks and to newly signed-up Nigerians who join the platform. With Swap, Flutterwave aims to provide a secure and reliable solution that empowers Nigerians to fully leverage global opportunities.
– Central Bank of Nigeria (CBN)
– Wema Bank
– Kadavra BDC