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.
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.
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