The Central Bank of Nigeria (CBN) has granted Flutterwave, one of Africa’s fastest growing digital payment services company, a Switching and Processing Licence for offering transaction switching and card processing services to customers.
With the apex bank’s approval, the company can also provide non-bank acquiring, agency banking and payment gateway services to customers in the country.
Based on the regulatory authorization by the CBN, the Switching and Processing licence also allows Flutterwave to enable transactions between banks, fintechs and other financial institutions as well as process card transactions, participate in agency banking and offer various payment services without any intermediary.
Prior to the latest licence issued to it, Flutterwave was just operating with its Payment Solution Service Provider (PSSP) and International Money Transfer Operator (IMTO) licences.
Commenting on the latest authorization of the firm by the CBN, Flutterwave’s CEO and Founder, Olugbenga Agboola, enthused: “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.”
In his remarks, the company’s Chief Regulatory and Government Affairs Officer, Oluwabankole Falade, expatiated: “We’re thrilled to have been issued this license 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”, he added
Also, Flutterwave’s Head of Product Marketing, Onyedikachim Nwankwo, projected: “The license will allow us to offer more services and explore more payment use cases for our ecosystem.
“With this license, 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 marketing expert added.
