Some officials of Flutterwave
FLUTTERWAVE, AFRICA’S leading payments technology company, has been granted a Switching and Processing Licence by the Central Bank of Nigeria (CBN) — widely regarded as CBN’s most valuable payments processing licence.
This licence allows Flutterwave to offer transaction switching and card processing services to customers. Others include non-bank acquiring, agency banking and payment gateway services.
The Switching and Processing license allows Flutterwave to enable transactions between banks, fintechs 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 getting the licence, Flutterwave operated with its Payment Solution Service Provider (PSSP) and International Money Transfer Operator (IMTO) licenses.
Commenting, CEO and Founder, 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, stated, “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.”
Onyedikachim Nwankwo, Head of Product Marketing said, “The licence 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.”