The Central Bank of Nigeria (CBN) has granted Flutterwave, Africa’s payments technology company, a Switching, and Processing License, widely regarded as the CBN’s most valuable payments processing license.
Customers can use this license to access Flutterwave’s transaction switching and card processing services. Non-bank acquiring, agency banking, and payment gateway services are among the others.
Flutterwave’s Switching and Processing license enables transactions between banks, fintechs, and other financial institutions. The Company can also process card transactions, participate in agency banking, and provide a variety of payment services without the use of an intermediary. Flutterwave previously operated under the Payment Solution Service Provider (PSSP) and International Money Transfer Operator (IMTO) licenses.
Olugbenga GB Agboola, CEO and Founder, commented: “This is fantastic news for our clients, partners, investors, and other stakeholders. It is a significant turning point in our growth story. Building a thriving payments ecosystem in Nigeria, Africa’s largest economy, aligns with our goal of creating a world-class, secure payment infrastructure for global merchants and payment service providers across the continent.”
Oluwabankole Falade, Flutterwave’s Chief Regulatory and Government Affairs Officer, commented on the news “We are overjoyed to have received this license after meeting all of the regulatory requirements. The application process was rigorous and included a thorough examination of our company’s operations. We now have more responsibilities and will continue to collaborate with regulators to meet and exceed their expectations.”
Onyedikachim Nwankwo, Head of Product Marketing, responded to the news, saying, “The license will enable us to provide additional services and investigate additional payment use cases for our ecosystem. With this license, we can provide more value to our customers while gaining greater control over our value chain, resulting in a better payment experience for our enterprise, medium-sized, and retail customers.”
The CBN’s application and review process was rigorous, examining every aspect of Flutterwave’s business, including the company’s financial position.
