Flutterwave announces digital FX solution

Flutterwave, Africa’s leading PayTech firm, has made a strategic move by launching a digital foreign exchange (FX) solution in collaboration with Wema Bank and Kadavra BDC. The innovative service, aptly named “Swap,” is poised to empower Nigerians with immediate access to foreign currency at competitive exchange rates.

In a time when Nigerians and businesses grapple with restricted access to foreign currencies, this cutting-edge solution, backed by the Central Bank of Nigeria (CBN), stands as a secure and reliable digital platform. It addresses a pressing challenge faced by individuals seeking to engage in international transactions, investments, and cross-border financial activities.

Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, expressed his thoughts on the product launch, stating, “At Flutterwave, our unwavering commitment to innovation is paralleled by our dedication to streamlining financial processes, opening up endless possibilities. Swap marks a significant stride in how Nigerians will interact with foreign exchange.”

Agboola continued, “We comprehend the FX access hurdles confronting individuals and businesses, and Swap is our response to those pain points, offering a seamless and efficient platform for currency exchange. We are privileged to have secured regulatory approval and the trust of our esteemed partners, Kadavra BDC and Wema Bank, to introduce this life-changing solution to Nigerians.”

Swap is poised to revolutionise the landscape of currency exchange in Nigeria, ensuring that every transaction is not only effortless and secure but also financially rewarding. This, in turn, bestows greater purchasing power upon consumers and unlocks substantial investment potential for businesses.

Moruf Oseni, Managing Director of Wema Bank, affirmed the institution’s unwavering support for digital innovation in Nigeria’s finance sector. He stated, “Our commitment to digital innovation has been unparalleled since the inception of our digital bank, ALAT. As a bank deeply committed to digital advancement, we take pride in embarking on this journey with Flutterwave, as we believe that a product like Swap will have a profound impact across all sectors.”

Access to Swap is conveniently available with a single click for existing users of Flutterwave for Business and the Send App. Additionally, the platform plans to make Swap accessible via API for banks and for newly registered Nigerians seeking to harness its capabilities, promising a streamlined and efficient process for all.