CBN permits Flutter wave Switching And Processing License
The Central Bank of Nigeria (CBN) has officially granted a Switching and Processing Licence to Flutterwave.
Flutterwave is a payments technology company. The payments processing licence will enable transactions between banks, fintech and other financial institutions. The Company is also able to process card transactions, participate in agency banking and offer various payment services without any intermediary. Prior to this licence, Flutterwave operated with its Payment Solution Service Provider (PSSP) and International Money Transfer Operator (IMTO) licences.
Speaking on the development, the CEO and founder of Flutterwave, Olugbenga GB Agboola, said, “This is big news for our customers, partners, investors, and other stakeholders. It is an important milestone in our growth story. Building a thriving payments ecosystem in Nigeria, Africa’s largest economy, is in line with our goal of developing a world-class and secure payment infrastructure for global merchants and payment service providers across the continent.”
Flutterwave’s chief regulatory and government affairs officer, Oluwabankole Falade, said, “We’re thrilled to have been issued this licence after fulfilling all of the regulatory requirements. The application process was very rigorous and included a detailed review of our operations as a business. As a switch, we have more responsibilities and will continue to work with Regulators to ensure we meet and exceed their expectations.”
Reacting to the news, the head of Product Marketing, Onyedikachim Nwankwo, said, “The licence will allow us to offer more services and explore more payment use cases for our ecosystem. With this licence, we can offer more value to our customers, while taking more control of our value chain to enable an improved payments experience for our enterprise, medium scale and retail customers.”
The application and review process by the CBN was a tough and rigorous process that examined every aspect of Flutterwave’s business, including the company’s financial position.
Flutterwave is a leading African payments technology company that enables businesses across the world to expand their operations in Africa and other emerging markets through a platform that enables cross-border transactions via one Application Programme Interface (API).