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The Central Bank of Nigeria (CBN) has granted Flutterwave, a switching and processing license enabling the company to carry out transactions between banks, fintechs and other financial institutions.
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A switching and processing license is the CBN’s most valuable payments processing license.
The new license empowers Flutterwave, Africa’s leading payments technology company, to now process card transactions, participate in agency banking and offer various payment services without any intermediary.
“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”, said Founder and CEO Olugbenga Agboola.
“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,” said Flutterwave’s Chief Regulatory and Government Affairs Officer, Oluwabankole Falade.
Before its new license, Flutterwave was limited to only operate as a Payment Solution Service Provider (PSSP) and International Money Transfer Operator (IMTO). But it can now offer transaction switching and card processing services to customers as well as those of a non-bank acquiring, agency banking and payment gateway service provider.
“We can offer more value to our customers while taking more control of our value chain to enable an improved payments experience for our enterprise, medium scale and retail customers, ” said Head of Product Marketing, Onyedikachim Nwankwo.
