Flutterwave has announced its partnership with Wema Bank and Kadavra BDC to make digital forex available for Nigerians.
The Central Bank of Nigeria (CBN) is supporting Swap, a cutting-edge solution, as a secure and dependable digital platform enabling Nigerians to have rapid access to foreign currency at favorable exchange rates.
Swap will provide dollars, euros, and British Pounds to customers, using cards.
The Africa’s leading payments technology company announced this today, at the Flutterwave office in Ikoyi, Lagos.
“Aiming to distribute more than 10 million of these cards to Nigerians from October 2023, this move will be beneficial for Nigerians who require swift access to Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) to facilitate their educational pursuits, business endeavours, and diverse travel requirements.”
Speaking on the product launch, founder and CEO of Flutterwave, Olugbenga Agboola said, “At Flutterwave, our dedication to innovation is matched only by our commitment to simplifying financial processes for endless possibilities. Swap represents a significant leap forward in how Nigerians will engage with foreign exchange.
We understand the FX access challenges individuals and businesses face, and Swap is our answer to those pain points, providing a seamless and efficient platform for currency exchange. We are honoured to have secured regulatory approval and the trust of our partners Kadavra BDC and Wema Bank to bring this life-changing solution to Nigerians.”
When asked about Swap, CEO, Kadavra BDC, Cynthia Onyinyechi said, “Swap is a step in the right direction for solving major FX problems for Nigerians, and has simplified the process for accessing foreign currency at the click of a button”
Also speaking, Managing Director of Wema Bank, Moruf Oseni said: “Our support for digital innovation in the Nigerian finance industry has been unrivalled since the launch of our digital Bank, ALAT. As a bank that is committed to digital innovation, we are proud to be on this journey with Flutterwave because we believe a product like Swap will have a major impact across all sectors.”
