In a significant development, the Central Bank of Nigeria (CBN) has granted approval for a groundbreaking digital currency exchange platform, known as Swap by Flutterwave. This pioneering initiative, developed in partnership with Flutterwave, a leading payments technology firm, in conjunction with Wema Bank and Kadavra BDC, aims to address the ongoing challenges associated with accessing foreign currencies in Nigeria.
In an official statement, Flutterwave emphasised the critical timing of Swap by Flutterwave; arriving at a juncture when both individuals and businesses are grappling with limited access to foreign currencies. These limitations have hindered international transactions, investments, and various financial activities, significantly impacting economic growth and limiting the opportunities available to Nigerians.
Beyond its core function of facilitating currency exchanges, the platform seeks to provide a seamless, secure, and rewarding experience for users, empowering consumers with greater purchasing power and offering businesses substantial investment potential. Flutterwave’s founder, Olugbenga Agboola, expressed his excitement for this innovative project, underscoring how Swap by Flutterwave marks a significant advancement in how Nigerians interact with foreign exchange.
Agboola stated that Swap by Flutterwave represents a revolution in the way Nigerians engage with foreign currencies. “We understand the challenges individuals and businesses face in accessing FX, and Swap provides the solution to these pain points, delivering a seamless and efficient platform for currency exchange. We are honored to have received regulatory approval and the trust of Kadavra BDC and Wema Bank.”
Cynthia Onyinyechi, the Managing Director of Kadavra BDC, expressed her optimism, declaring that Swap will address FX-related challenges comprehensively; serving as a digital exchange platform connecting the world within seconds, and they stand firmly behind Flutterwave in this endeavor.
Moruf Oseni, the Managing Director of Wema Bank, reaffirmed the bank’s commitment to digital innovation in finance, stating that their long standing support for digital innovation in finance has been evident since the introduction of ALAT. As a bank dedicated to advancing digital innovation, Wema is delighted to partner with Flutterwave because Swap will have a profound impact across all sectors.
