CBN Gives Flutterwave Switching and Processing Licence

Flutterwave, a payments technology company, has announced that it has been granted a Switching and Processing Licence by the Central Bank of Nigeria (CBN).

Gatekeepers News reports that this licence enables Flutterwave carryout transactions between banks, fintechs and other financial institutions. The company is also able to process card transactions, participate in agency banking and offer various payment services without any intermediary.

Before this Licence, Flutterwave operated with its Payment Solution Service Provider (PSSP) and International Money Transfer Operator (IMTO) licences.

Nigerian merchants can now use Flutterwave to collect eNaira payments from customers who have the eNaira app.

CEO and Founder, Olugbenga GB Agboola said: “Securing this licence is big news for our customers, partners, investors, and other stakeholders. It is an important milestone in our growth story. Our mission remains to simplify payments for endless possibilities and with our new adoption of eNaira as a payment method on Flutterwave, we are helping ensure that everyone has access to payment solutions that work for them.

“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 has processed over 200million transactions valued at over $16billion to date and serves more than 1,000,000 businesses including customers such as Uber, Flywire, Booking.com, and many others.

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 and others. Flutterwave has an infrastructure reach in over 34 African countries, including Nigeria, Uganda, South Africa and others.