Flutterwave, Africa’s leading payments technology company, has introduced Swap, a groundbreaking solution designed to provide immediate access to foreign currency at competitive exchange rates for Nigerians.
This innovative platform, launched in collaboration with Wema Bank and Kadavra BDC, is backed by the Central Bank of Nigeria (CBN) and is accessible to both individuals and businesses.
The timing of Swap’s launch is crucial, as Nigerians currently face challenges in accessing foreign currencies, hindering their ability to engage in international transactions, investments, and other cross-border financial activities. Swap aims to address these issues by offering a secure, dependable, and efficient currency exchange solution.
In addition to offering competitive exchange rates, Swap simplifies foreign currency access by providing users with a convenient card issuance system. This means that users can swiftly and effortlessly obtain foreign currency for purposes such as travel, education, or business endeavors.
To benefit Nigerians seeking rapid access to Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) for educational pursuits, business ventures, and various travel needs, Flutterwave aims to distribute over 10 million cards from October 2023.
Olugbenga ‘GB’ Agboola, CEO of Flutterwave, expressed the significance of Swap in revolutionizing how Nigerians engage with foreign exchange.
“Swap is a significant leap forward in how Nigerians will engage with foreign exchange. We understand the challenges individuals and businesses face, and Swap is our answer to those pain points. 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,”Agboola said.
Cynthia Onyinyechi, CEO of Kadavra BDC, emphasized that Swap represents a positive step toward addressing major foreign exchange challenges for Nigerians, simplifying the process of accessing foreign currency.
Moruf Oseni, Managing Director of Wema Bank, expressed pride in their collaboration with Flutterwave, highlighting the potential impact of a product like Swap across all sectors.
Swap is accessible to existing users of Flutterwave for Business and Send App. Additionally, it will be made available via API for banks and to newly registered Nigerians on the platform.