Flutterwave, Africa’s leading payments technology company, in collaboration with Wema Bank and Kadavra BDC, has launched “Swap,” a game-changing digital platform designed to redefine the foreign currency exchange experience for Nigerians.
Accessing foreign exchange in Nigeria has been a persistent challenge, affecting individuals and businesses alike. Swap emerges as a timely solution to bridge this gap, offering immediate access to foreign currency at competitive exchange rates. This innovative platform aims to empower Nigerians, granting them greater financial freedom and opening doors to global opportunities.
Unlike conventional payment platforms, Swap is not just another payment solution—it’s a commitment to reimagine foreign currency exchange, with promises of accessibility, transparency, and cost-effectiveness in a secure, reliable, and regulatory-approved environment.
Key Highlights of Swap
User-Friendly Accessibility: Swap is designed with users in mind, offering an accessible and intuitive platform for both existing Flutterwave for Business and Send App users and newcomers. It eliminates the complexities associated with traditional foreign currency exchange processes, ensuring that anyone can easily navigate the platform. This accessibility empowers individuals and businesses to take control of their financial journey and exchange currency on their terms.
Currency Support: The product currently supports currency exchange from Nigerian Naira (NGN) to three major global currencies: United States Dollars (USD), British Pounds (GBP), and Euros (EUR). This broad currency coverage caters to a wide range of financial needs, from international travel expenses to cross-border business transactions. By facilitating exchanges in these key currencies, Swap opens up global opportunities to its users.
Central Bank of Nigeria (CBN) Approval: One of the defining features of Swap is its approval by the Central Bank of Nigeria (CBN). This regulatory backing ensures the platform’s adherence to high standards of security, efficiency, transparency, and service delivery. Users can have confidence in the reliability and legitimacy of Swap, knowing that it operates within the regulatory framework set by the apex payment regulatory body in Nigeria.
Collaborative Partnerships: The success of Swap is underpinned by strategic collaborations with industry leaders like Kadavra BDC and Wema Bank. These partners share a common vision of transforming the foreign exchange landscape in Nigeria, and their support is instrumental in realizing this vision. The partnerships with Kadavra BDC and Wema Bank bolster the platform’s capabilities and reach, enhancing the user experience and ensuring the platform’s widespread availability.
Financial Freedom: Swap goes beyond being a mere platform for currency exchange; it represents financial empowerment. By giving individuals and businesses direct access to foreign exchange for their short and long-term needs, Swap empowers them to seize global opportunities and embark on a journey of financial freedom. With Swap, traditional barriers to foreign exchange become a thing of the past, opening up a world of possibilities and a brighter financial future for its users.
Swift Access to Global Currencies: In addition to currency exchange, Swap will introduce a convenient card issuance system, distributing over 10 million cards to Nigerians starting from October 2023. These cards will enable quick access to Personal Travel Allowance (PTA) and Business Travel Allowance (BTA). This initiative is a boon for Nigerians seeking swift access to foreign currency for educational pursuits, business ventures, and diverse travel requirements. It ensures that Swap users have the tools they need to make the most of global opportunities.
Transformation of the FX Landscape: Flutterwave’s Swap promises to redefine the foreign exchange landscape in Nigeria. It represents a leap forward in addressing the challenges associated with accessing foreign currency. With its commitment to efficiency, security, and accessibility, Swap is set to transform the way Nigerians engage with foreign exchange. It stands as a testament to Flutterwave’s dedication to innovation and financial simplification, offering users a seamless, efficient, and secure platform for currency exchange. Swap empowers users to access global opportunities, ultimately fostering financial growth and freedom.
Speaking at the launch, Olugbenga ‘GB’ Agboola, Flutterwave’s CEO said:
“In our relentless pursuit of innovation and financial simplicity, Swap represents a significant leap forward in addressing FX access challenges. We understand the pain points faced by individuals and businesses, and Swap is our answer—an efficient, seamless, and secure currency exchange platform. We are honored to have the trust of our partners Kadavra BDC and Wema Bank and regulatory approval to bring this transformative solution to Nigerians.“
Key partners Kadavra BDC and Wema Bank are equally enthusiastic about the transformative potential of Swap. Cynthia Onyinyechi, CEO of Kadavra BDC, describes Swap as “a step in the right direction for solving major FX problems for Nigerians.” Moruf Oseni, Managing Director of Wema Bank, reiterated their commitment to digital innovation, believing Swap will have a significant impact across all sectors.
Flutterwave Swap will grant Nigerians and businesses the financial freedom and control they deserve.
Flutterwave is a payments technology company that facilitates cross-border transactions through one API, enabling businesses worldwide to expand their operations into Africa and emerging markets. To date, Flutterwave has processed over 550 million transactions worth more than $32 billion, serving over 2 million businesses, including renowned brands like Uber, Flywire, and Booking.com.
The fintech’s competitive advantage lies in its international payment processing capabilities, covering 150 currencies and multiple payment modes, including local and international cards, mobile wallets, bank transfers, and Barter by Flutterwave. With an infrastructure presence in over 34 African countries, including Nigeria, Uganda, Kenya, and South Africa, Flutterwave continues to be at the forefront of payment innovation.
