September 11, 2023, Lagos, Nigeria: Flutterwave, Africa’s leading payments technology company has announced the launch of Swap, powered by Flutterwave, in partnership with Wema Bank and Kadavra BDC. Swap is a cutting edge solution that is backed by the Central Bank of Nigeria (CBN) to serve as the secure & reliable digital platform for Nigerians to have immediate access to foreign currency at competitive exchange rates. This announcement was made at a press conference at the Flutterwave office in Ikoyi on Monday, September 4th, 2023.
Swap 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. Additionally, these challenges have hampered macro-economic growth and personal financial goals, making it difficult for individuals to fully access global opportunities.
Beyond being the digital platform that has been approved by the Central Bank of Nigeria (CBN) to facilitate currency exchanges for businesses and consumers, 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.
To provide rapid access to global currencies like Dollars, Euros, and British Pounds, Flutterwave will also be introducing a convenient card issuance system to Swap users. Aiming to distribute more than 10 million of these cards to Nigerians from October 2023, this move will be beneficial for Nigerians who require swift access to Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) to facilitate their educational pursuits, business endeavors, and diverse travel requirements.
Commenting on the product launch, Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave:
“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 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.”
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” – adding to this, Moruf Oseni, Managing Director, Wema Bank said “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.”
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.
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