Flutterwave, Africa’s leading payments technology company, has unveiled “Swap,” a groundbreaking solution in partnership with Wema Bank and Kadavra BDC, supported by the Central Bank of Nigeria (CBN). This innovative platform aims to provide Nigerians with secure and immediate access to foreign currency at competitive exchange rates. The announcement was made during a press conference held at the Flutterwave office in Ikoyi.
The launch of Swap comes at a crucial time when Nigerians and businesses are grappling with limited access to foreign currencies, posing significant challenges for international transactions, investments, and cross-border financial activities. These limitations have not only hindered macroeconomic growth but have also affected personal financial aspirations, making it challenging for individuals to tap into global opportunities.
To address these issues and facilitate easy access to global currencies such as Dollars, Euros, and British Pounds, Flutterwave will introduce a convenient card issuance system for Swap users. The company plans to distribute over 10 million of these cards to Nigerians starting from October 2023. This move is expected to benefit individuals seeking swift access to Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) to support their educational pursuits, business ventures, and various travel needs.
Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, expressed the company’s commitment to innovation and simplifying financial processes:
“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.”
Cynthia Onyinyechi, CEO of Kadavra BDC, commented on Swap, emphasizing its potential to address major FX challenges for Nigerians:
“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.”
Moruf Oseni, Managing Director of Wema Bank, highlighted the bank’s commitment to digital innovation:
“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.”
Access to Swap is available with one click for existing users of Flutterwave for Business and the Send App. The platform will also be accessible via API for banks and for newly registered Nigerians on the platform, making foreign exchange transactions more accessible and efficient.
