Flutterwave, a leading African payments company, has launched a new foreign exchange service called Swap in partnership with Wema Bank and Kadavra BDC. The Central Bank of Nigeria (CBN) has approved Swap as a digital platform for Nigerians to securely access foreign currencies.
The launch of Swap comes at a time when many Nigerians face difficulties obtaining foreign exchange for international transactions, investments, travel, and other cross-border activities. The lack of adequate FX access has hindered economic growth and personal finance goals.
Swap provides a CBN-backed solution for seamless and rewarding currency exchanges. Beyond the CBN approval, Flutterwave partnered with Wema Bank and Kadavra BDC to ensure Swap offers competitive FX rates and a smooth user experience.
Nigerians and businesses can use Swap to exchange Naira for major global currencies including US Dollars, British Pounds, and Euros. Flutterwave will also introduce a convenient card issuance system for Swap users to get instant access to foreign currency.
The company aims to distribute over 10 million of these cards to Nigerians starting October 2023. This will benefit those needing Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) for education, business, and diverse travel needs.
According to Flutterwave Founder & CEO, Olugbenga Agboola, “Swap represents a huge leap forward in FX access for Nigerians. We understand the challenges people face and created an efficient, seamless platform to address those pain points.”
Cynthia Onyinyechi, CEO of Kadavra BDC, called Swap a step in the right direction for solving major FX difficulties. Wema Bank MD Morufu Oseni said they are proud to support digital innovation like Swap that can impact all sectors.
One-click access to Swap is available via Flutterwave’s business and consumer apps. An API will also allow banks to integrate Swap services. New users can sign up directly on Flutterwave as well.
The launch of Swap aims to alleviate Nigeria’s FX troubles and provide expanded access to foreign currencies for personal and business needs.