RateCaptain
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
RateCaptain
No Result
View All Result
Home Tech News

Central Bank of Nigeria Grants Flutterwave a Switching and Processing License

Rate Captain by Rate Captain
September 1, 2022
in Tech News
Reading Time: 2 mins read
A A
0
Central Bank of Nigeria Grants Flutterwave a Switching and Processing License
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

Africa’s payment technology giant, Flutterwave, has secured a Switching and Processing License from the Central Bank of Nigeria (CBN). The license which is widely regarded as CBN’s most desirable payments processing license will enable the company to carry out seamless transactions between financial service providers, merchants, customers, and other stakeholders.

Flutterwave announced this in a blog post on its website, where it stated that the license will enable the company to go the extra mile for businesses and customers.

AlsoRead

Amazon Ring to Pay $5.8 Million Settlement over Privacy Violations, FTC Confirms.

Everyone is a programmer’ with generative A.I., says Nvidia chief.

Nigeria’s Leading Crypto Marketplace Patricia Suffers Severe Security Breach

The Nigerian fintech company noted that it has been doing business in Nigeria using its payments Services Solutions Provider (PSSP) and International Money Transfer Operator (IMTO) licenses, which enables the firm to process payments to merchants and help people send money from the UK to Nigeria.

 

How the license will improve Flutterwave’s operation

Before securing the license, the company worked with a value chain payments partner to help complete and settle transactions due to the complex nature of payments network. With the license, Flutterwave is offered more control of the payments value chain, including settlement and transaction clearing capabilities. This will reduce bottlenecks and speed up payments. 

The switching license will allow the company to integrate more features into its payments system, thereby giving room for the introduction of more products whilst improving existing solutions.

The license speaks volumes of the firm’s level of security standard as a switching and processing license which places the licensee at the core of Nigeria’s financial ecosystem comes with rigorous and tough checks across every single part of the business’ operations.

 

What Flutterwave is saying

Flutterwave’s CEO and Founder, Olugbenga GB Agboola, said: “This is big news for our customers, partners, investors, and other stakeholders. It 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 world-class and secure payment infrastructure for global merchants and payment service providers across the continent.”

The company’s Chief Regulatory and Government Affairs Officer, Oluwabankole Falade said, “We’re thrilled to have been issued this license after fulfilling all of the 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.”

Onyedikachim Nwankwo, the 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 offer more value to our customers while taking more control of our value chain to enable an improved payments experience for our enterprise, medium scale, and retail customers.”

By and large, the license will enable Flutterwave to plug every store of value in Nigeria into global commerce. Thereby facilitating business growth in Nigeria and stimulating the economy of Africa’s giant.

Previous Post

Emirates to Reinstate Lagos Flights Following the Release of Blocked Funds

Next Post

Naira Slips to N430/$1 at the I&E Window as Forex Liquidity Drops by 32%

Related News

Amazon Ring to Pay $5.8 Million Settlement over Privacy Violations, FTC Confirms.

Amazon Ring to Pay $5.8 Million Settlement over Privacy Violations, FTC Confirms.

by Rate Captain
June 1, 2023
0

Ring has stated that the employees involved in these breaches are no longer employed by the company, according to a...

Everyone is a programmer’ with generative A.I., says Nvidia chief.

Everyone is a programmer’ with generative A.I., says Nvidia chief.

by Rate Captain
May 30, 2023
0

Nvidia's CEO, Jensen Huang, has proclaimed the dawn of a "new computing era" during his keynote speech at the Computex...

Nigeria’s Leading Crypto Marketplace Patricia Suffers Severe Security Breach

Nigeria’s Leading Crypto Marketplace Patricia Suffers Severe Security Breach

by Rate Captain
May 28, 2023
0

Patricia, a prominent cryptocurrency marketplace in Nigeria, has fallen victim to a significant security breach that has compromised its financial...

Neuralink Receives FDA Approval for Human Brain Implant Clinical Trial.

Neuralink Receives FDA Approval for Human Brain Implant Clinical Trial.

by Rate Captain
May 26, 2023
0

Neuralink, the neurotech startup co-founded by Elon Musk, has achieved a significant breakthrough as it received approval from the Food...

Next Post
Nigeria’s Foreign Reserve Records a Slight Increase of $12 Million

Naira Slips to N430/$1 at the I&E Window as Forex Liquidity Drops by 32%

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

US Nation’s Employers Add 339,000 Jobs in May, Defying Market Expectations.

US Nation’s Employers Add 339,000 Jobs in May, Defying Market Expectations.

June 2, 2023
Ride-hailing Drivers in Nigeria Demand a Price Increase of 200%.

Ride-hailing Drivers in Nigeria Demand a Price Increase of 200%.

June 2, 2023

Popular Story

  • Providus Bank Plc Announces Graduate Management Trainee Program 2023/2024.

    Providus Bank Plc Announces Graduate Management Trainee Program 2023/2024.

    0 shares
    Share 0 Tweet 0
  • Ride-hailing Drivers in Nigeria Demand a Price Increase of 200%.

    0 shares
    Share 0 Tweet 0
  • Telcos issue banks disconnection notice over USSD debt

    0 shares
    Share 0 Tweet 0
  • US Nation’s Employers Add 339,000 Jobs in May, Defying Market Expectations.

    0 shares
    Share 0 Tweet 0
  • Telecom Operators Blame Communications Minister for Telecom Debt Crisis

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

?>