The Central Bank of Nigeria (CBN) has awarded a Switching and Processing License to Flutterwave, the top payments technology company in Africa. This is widely regarded as the most valuable payments processing license held by the apex bank.
As a result, Flutterwave is able to provide consumers with transaction switching and card processing services. Others include payment gateway services, agency banking, and non-bank acquiring.
Flutterwave is permitted to facilitate transactions between banks, fintechs, and other financial institutions thanks to the Switching and Processing license. Additionally, the Company is able to handle card transactions, take part in agency banking, and provide a range of payment services directly to customers. Flutterwave was formerly authorized to operate under the terms of its International Money Transfer Operator (IMTO) and Payment Solution Service Provider (PSSP) licenses.
Olugbenga GB Agboola, the CEO and founder of Flutterwave, commented on the development saying:
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.
Flutterwave’s chief regulatory and government affairs officer, Oluwabankole Falade also 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
Flutterwave is a leading African payments technology company that enables businesses across the world to expand their operations in Africa and other emerging markets through a platform that enables cross-border transactions via one Apoplication Programme Interface (API). Flutterwave supports more than 1,000,000 enterprises, including clients like Uber, Flywire, Booking.com, etc., and has processed more than 200 million transactions totaling more than $16 billion to date.