Flutterwave, Africa’s leading payments technology company, has been granted a Switching and Processing License by the Central Bank of Nigeria (CBN ) – widely regarded as the CBN’s most valuable payment processing license. This license allows Flutterwave to offer transaction switching and card processing services to its customers. Other services 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 services and offer various payment services without intermediaries. Prior to this license, Flutterwave operated with its Payment Solution Service Provider (PSSP) and International Money Transfer Operator (IMTO) licenses.
Olugbenga GB Agboola, CEO and Founder, said, “This is great news for our customers, partners, investors and other stakeholders. This 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 secure, world-class payments infrastructure for merchants and global payment service providers across the continent.
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Commenting on the news, Oluwabankole Falade, Head of Regulatory and Government Affairs at Flutterwave, said, “We are delighted to have been awarded this license after meeting all 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, Onyedikachim Nwankwo, Head of Product Marketing, said, “The license will allow us to offer more services and explore more payment use cases for our ecosystem. With this license, we can deliver more value to our customers while gaining more control of our value chain to enable an enhanced payment experience for our enterprise, mid-sized business and retail customers.
The CBN’s application and review process was a tough and rigorous process that examined every aspect of Flutterwave’s business, including the company’s financial condition.
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