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Flutterwave launches Swap, a digital FX solution for Nigerians

By Delisha Fernandes

September 13, 2023

  • Central Bank of Nigeria
  • Digital FX Solution
  • Digital Platform
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Flutterwave, Swap, Digital FX Solution, Kadavra BDC, Wema Bank, Central Bank of Nigeria, digital platform, financial goals, FinTech news, FinTech AfricaFlutterwave, a payments technology company in Africa, has announced the launch of Swap, powered by Flutterwave, in partnership with Wema Bank and Kadavra BDC.

Swap is a solution that is backed by the Central Bank of Nigeria (CBN) to serve as the secure & reliable digital platform for Nigerians to have immediate access to foreign currency at competitive exchange rates.

Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, 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. 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.”

Swap comes at a time when Nigerians and businesses are experiencing limited access to foreign currencies which has posed a significant challenge for individuals seeking to engage in international transactions, investments, and other cross-border financial activities.

Beyond being the digital platform that has been approved by the Central Bank of Nigeria (CBN) to facilitate currency exchanges for businesses and consumers,  Swap will ensure that every exchange is not only seamless and secure, but also financially rewarding, granting consumers greater purchasing power and businesses massive investment potential.

Cynthia Onyinyechi, CEO, Kadavra BDC said “Swap is a step in the right direction for solving  major FX problems for Nigerians, and has simplified the process for accessing foreign currency at the click of a button” – adding to this, Moruf Oseni, Managing DirectorWema Bank said “Our support for digital innovation in the Nigerian finance industry has been unrivaled since the launch of our digital Bank, ALAT.”

One-click access to Swap is available to existing users of Flutterwave for Business and Send App. Swap will also be available via API for banks, and to Nigerians who sign up newly on the platform.

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