Africa’s leading payments technology company, Flutterwave, has been granted a Switching and Processing License by the Central Bank of Nigeria (CBN), allowing it to offer transactions in switching and card processing services to customers. The license, regarded as CBN’s most valuable payments processing license, also allows Flutterwave to engage in non-bank acquiring, agency banking, and payment gateway services.
The license further allows Flutterwave to enable transactions between banks, fintechs, and other financial institutions.
Prior to this license, Flutterwave had operated with its Payment Solution Service Provider (PSSP) and International Money Transfer Operator (IMTO) licenses.
Chief Executive Officer and founder of Flutterwave, Olugbenga GB Agboola, said this is big news for the company’s 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,” he noted.
Flutterwave’s Chief Regulatory and Government Affairs Officer, Oluwabankole Falade, also expressed excitement about the license granted and assured the public to deliver quality and result-oriented services.
Onyedikachim Nwankwo, Head of Product Marketing, also noted that the license will allow the company to offer more services and explore more payment use cases for its ecosystem.
The license, he said, would enable the company to offer more value to its customers, while taking more control of the value chain to enable an improved payment experience for enterprise, medium scale, and retail customers.
The application and review process by the CBN was tough and rigorous and examined every aspect of Flutterwave’s business, including its financial position.
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 API.
Flutterwave has processed over 200M transactions worth over USD $16B to date and serves more than 1,000,000 businesses including customers like Uber, Flywire, Booking.com, etc.
The Company’s key advantage is international payment processing in 150 currencies and multiple payment modes including local and international cards, mobile wallets, bank transfers, barter by Flutterwave etc. Flutterwave has an infrastructure reach in over 34 African countries, including Nigeria, Uganda and South Africa.