Flutterwave, in collaboration with Wema Bank and Kadavra BDC, has unveiled a digital platform for currency exchange dubbed Swap.
Supported by the Central Bank of Nigeria (CBN), Swap aims to provide Nigerians with immediate access to foreign currency at competitive exchange rates.
The introduction of Swap comes at a critical time when Nigerians and businesses are facing challenges in obtaining foreign currencies.
This scarcity has created difficulties for individuals seeking to engage in international transactions, investments, and other cross-border financial activities, thus impeding macroeconomic growth and personal financial objectives.
Swap not only functions as a CBN-approved digital platform for facilitating currency exchanges but also ensures that each transaction is seamless, secure, and financially beneficial.
This empowers consumers with greater purchasing power and enables businesses to explore significant investment opportunities.
To further streamline the process, Flutterwave will introduce a convenient card issuance system for Swap users. Starting from October 2023, over 10 million cards will be distributed to Nigerians.
These cards will provide swift access to Personal Travel Allowance (PTA) and Business Travel Allowance (BTA), making educational pursuits, business endeavors, and travel requirements more accessible.
Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, expressed his excitement about the launch, stating that Swap represents a significant advancement in how Nigerians engage with foreign exchange.
He emphasized the company’s commitment to simplifying financial processes and addressing the challenges faced by individuals and businesses in accessing foreign currencies.
Cynthia Onyinyechi, CEO of Kadavra BDC, praised Swap for its ability to solve major foreign exchange problems for Nigerians. She highlighted how the platform has simplified the process of accessing foreign currency with just a click of a button.
Moruf Oseni, Managing Director of Wema Bank, acknowledged the bank’s support for digital innovation in the Nigerian finance industry and expressed pride in partnering with Flutterwave.
Oseni believes that Swap will have a significant impact across all sectors, given its potential to revolutionize currency exchange in Nigeria.
Existing Flutterwave for Business and Send App users can instantly access Swap with a single click. Additionally, the platform will be available via API for banks and to newly registered Nigerians on the platform.
Overall, the launch of Swap offers Nigerians a secure and reliable digital solution for currency exchange, empowering individuals and businesses to fully access global opportunities.