Nigeria: Flutterwave launches Swap, a digital platform for streamlined currency exchanges

By : Samira Njoya

Date : mardi, 12 septembre 2023 17:24

Africa’s most valued startup (with $3 billion in estimated value) will now be able to offer major currencies like the US dollar, the Euro, and pound sterling to users in Nigeria.

On Monday, September 11, Nigerian unicorn Flutterwave announced the launch of a new solution called "Swap". Designed in partnership with Wema Bank and Kadavra BDC, and backed by the Central Bank of Nigeria (CBN), the Swap solution is billed as a secure and reliable digital platform that will give Nigerians immediate access to foreign currency at competitive exchange rates.

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,” said Olugbenga Agboola (photo, left), co-founder and CEO of the unicorn.

Indeed, Nigeria has been facing several foreign exchange problems in recent years. One of these is a $10 billion foreign exchange backlog, which the CBN aims to resolve within the next two weeks. This backlog includes dollar claims from manufacturers, importers, business and personal travel allowances, as well as medical bills incurred abroad.

According to CBN Acting Governor Folashodun Shonubi, Swap will solve two critical problems plaguing Nigeria's foreign exchange market: the lack of synergy between financial institutions and a heavy reliance on cash transactions.

In the short term, Flutterwave will introduce a convenient card-issuing system for Swap users. The company plans to distribute over 10 million of these cards to Nigerians by October, enabling them to quickly resolve issues such as Personal Travel Allowance (PTA), and Business Travel Allowance (BTA) to facilitate their educational pursuits, commercial endeavors, and various travel requirements.

Samira Njoya


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