Saturday, October 1 2022

Flutterwave, a leading payment technology company, has been granted a switching and processing license from the Central Bank of Nigeria (CBN), widely considered to be CBN’s most valuable payment processing license.

This license allows Flutterwave to offer transaction switching and card processing services to customers. Others include non-bank acquiring, bank branches, and payment gateway services.

The Switching and Processing license allows Flutterwave to enable transactions between banks, fintechs and other financial institutions.

The Company is also able to process card transactions, participate in bank branches and offer various payment services without intermediaries.

Team – Flutterwave

Prior to this license, Flutterwave operated with its Payment Solution Service Provider (PSSP) and International Money Transfer Operator (IMTO) licenses.

CommentingOlugbenga GB Agboola, CEO and Founder, said“This is great news for our customers, partners, investors and other stakeholders. This is an important milestone in our growth story. Building a thriving payment ecosystem in Nigeria, the largest Africa’s economy, is in line with our goal to develop a secure, world-class payment infrastructure for merchants and global payment service providers across the continent.

Oluwabankole Falade, Flutterwave
Falade of Oluwabankole, Director of Regulatory and Governmental Affairs at Flutterwave

Commenting on the news, Oluwabankole Falade, Director of Regulatory and Government Affairs at Flutterwave, said, “We are delighted to have obtained this license after meeting all 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.

Reacting to current events, Onyedikachim Nwankwo, Product Marketing Manager said, “The license will allow us to offer more services and explore more payment use cases for our ecosystem. With this license, we can deliver more value to our customers while gaining more control over our value chain to enable an enhanced payment experience for our enterprise, midsize and retail customers.

The CBN’s application and review process was a difficult and rigorous process that examined all aspects of Flutterwave’s business, including the company’s financial condition.

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