Flutterwave, Africa’s leading payments technology company has designed swap, a secure and reliable digital platform that would guarantee immediate access to foreign currency at competitive exchange rates.
Designed in partnership with Wema Bank and Kadavra BDC, backed by the Central Bank of Nigeria (CBN), the product is coming at a time when limited access to foreign currency is posing a significant challenge to businesses and individuals seeking to engage in international transactions, investments, and other cross-border financial activities.
At the unveiling of the product in Lagos, the company said the product will also ensure that every exchange is not only seamless and secure, but will also grant consumers greater purchasing power and businesses massive investment potential.
Besides, the company also disclosed that it will introduce a convenient card issuance system to Swap users to enhance rapid access to global currencies like dollars, euros, and British pounds, with the intention of distributing more than 10 million cards to Nigerians from next month.
According the company, the move will be beneficial for Nigerians who require swift access to Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) to facilitate their educational pursuits, business endeavors, and diverse travel requirements.
Commenting on the product launch, Founder and Chief Executive Officer of the company, Olugbenga ‘GB’ Agboola said: “At Flutterwave, our dedication to innovation is matched only by our commitment to simplifying financial processes for endless possibilities. Swap represents a significant leap forward in how Nigerians will engage with foreign exchange (forex).
“We understand the FX access challenges individuals and businesses face, and swap is our answer to those pain points, providing a seamless and efficient platform for currency exchange. “We are honored to have secured regulatory approval and the trust of our partners Kadavra BDC and Wema Bank to bring this life changing solution to Nigerians.”
When asked about Swap, Chief Executive Officer of Kadavra BDC, Cynthia Onyinyechi, said: “Swap is a step in the right direction for solving major forex problems for Nigerians, and has simplified the process for accessing foreign currency at the click of a button” – adding to this, Managing Director, Wema Bank of Moruf Oseni said: “Our support for digital innovation in the Nigerian finance industry has been unrivaled since the launch of our digital Bank, ALAT. As a bank that is committed to digital innovation, we are proud to be on this journey with Flutterwave because we believe a product like swap will have a major impact across all sectors,” she said.
