Flutterwave, in collaboration with Wema Bank and Kadavra BDC, has introduced Swap, a secure and reliable digital platform endorsed by the Central Bank of Nigeria (CBN).
This platform aims to provide Nigerians with immediate access to foreign currency at competitive exchange rates.
The launch of Swap comes at a time when Nigerians face limited access to foreign currencies, creating challenges for international transactions, investments, and cross-border financial activities.
These challenges not only hinder macroeconomic growth but also limit personal financial opportunities, making it difficult for individuals to tap into global prospects.
Flutterwave to distribute over 10 million cards
Swap, as the CBN-approved digital platform for currency exchange, promises secure and seamless transactions while also offering financial benefits.
Users of Swap will also have access to a convenient card issuance system, with plans to distribute over 10 million cards to Nigerians starting in October 2023.
These cards will be particularly valuable for individuals who require quick access to Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) for education, business, and travel purposes.
Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, expressed the company’s dedication to innovation and simplifying financial processes.
Swap is designed to address the challenges of FX access faced by individuals and businesses, providing an efficient platform for currency exchange.
The platform has received regulatory approval and is being launched in partnership with Kadavra BDC and Wema Bank.
Swap is available to existing users of Flutterwave for Business and Send App, and it will also be accessible via API for banks and new users signing up on the platform.
The platform aims to revolutionize the way Nigerians engage with foreign exchange, offering a more accessible and efficient solution.