Flutterwave, Africa’s leading payments technology company, in collaboration with Wema Bank and Kadavra BDC, has launched “Swap,” a game-changing digital platform designed to redefine Nigerians’ foreign currency exchange experience.
Gaining access to foreign exchange in Nigeria has remained a persistent challenge, impacting both individuals and businesses. In response, Swap has emerged as a timely solution, offering immediate access to foreign currency at competitive exchange rates. This innovative platform aims to empower Nigerians, granting them greater financial freedom and unlocking global opportunities.
Swap is not your typical payment platform; it represents a commitment to redefine foreign currency exchange. It promises accessibility, transparency, and cost-effectiveness within a secure, reliable, and regulatory-approved environment.
Key Features of Swap:
- User-Friendly Accessibility: Swap has been designed with the user in mind, providing an intuitive platform for existing Flutterwave for Business and Send App users, as well as newcomers. It simplifies the complexities associated with traditional foreign currency exchange processes, ensuring that anyone can navigate the platform with ease. This accessibility empowers individuals and businesses to take control of their financial transactions and exchange currency on their terms.
- Currency Support: Currently, Swap supports currency exchange from Nigerian Naira (NGN) to three major global currencies: United States Dollars (USD), British Pounds (GBP), and Euros (EUR). This broad coverage caters to various financial needs, from international travel expenses to cross-border business transactions. By facilitating exchanges in these key currencies, Swap opens up global opportunities for its users.
- Central Bank of Nigeria (CBN) Approval: One of Swap’s distinguishing features is its approval by the Central Bank of Nigeria (CBN). This regulatory endorsement ensures that the platform adheres to high standards of security, efficiency, transparency, and service delivery. Users can have confidence in Swap, knowing it operates within the regulatory framework established by Nigeria’s apex payment regulatory body.
- Collaborative Partnerships: Swap’s success is built on strategic collaborations with industry leaders such as Kadavra BDC and Wema Bank. These partners share a common vision of transforming the foreign exchange landscape in Nigeria. Their support enhances the platform’s capabilities, expands its reach, and improves the overall user experience.
- Financial Freedom: Swap goes beyond being a mere currency exchange platform; it represents financial empowerment. By providing direct access to foreign exchange for various short- and long-term needs, Swap empowers users to seize global opportunities and embark on a path to financial freedom. With Swap, traditional barriers to foreign exchange become a thing of the past, offering users a brighter financial future.
- Swift Access to Global Currencies: In addition to currency exchange, Swap will introduce a convenient card issuance system, distributing over 10 million cards to Nigerians starting from October 2023. These cards will enable quick access to Personal Travel Allowance (PTA) and Business Travel Allowance (BTA), benefiting those pursuing education, business ventures, and various travel requirements.
- Transformation of the FX Landscape: Flutterwave’s Swap promises to redefine the foreign exchange landscape in Nigeria. It represents a significant step in addressing the challenges associated with accessing foreign currency. With a commitment to efficiency, security, and accessibility, Swap is poised to change how Nigerians engage with foreign exchange, offering a seamless, efficient, and secure platform. Swap empowers users to access global opportunities, fostering financial growth and freedom.
Flutterwave CEO Olugbenga ‘GB’ Agboola stated, “In our relentless pursuit of innovation and financial simplicity, Swap represents a significant leap forward in addressing FX access challenges. We understand the pain points faced by individuals and businesses, and Swap is our answer—an efficient, seamless, and secure currency exchange platform. We are honored to have the trust of our partners Kadavra BDC and Wema Bank and regulatory approval to bring this transformative solution to Nigerians.”
Key partners Kadavra BDC and Wema Bank share the enthusiasm for Swap’s transformative potential. Cynthia Onyinyechi, CEO of Kadavra BDC, describes Swap as “a step in the right direction for solving major FX problems for Nigerians.” Moruf Oseni, Managing Director of Wema Bank, reiterated their commitment to digital innovation, believing Swap will have a significant impact across all sectors.
To enhance accessibility, Swap will introduce a convenient card issuance system, distributing over 10 million cards to Nigerians starting in October 2023. This initiative will facilitate quick access to Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) for educational pursuits, business ventures, and travel needs.
Flutterwave’s Swap promises to revolutionize FX in Nigeria, granting Nigerians and businesses the financial freedom and control they deserve. To join the FX transformation, visit swap.flutterwave.com.
Flutterwave is a payments technology company that facilitates cross-border transactions through a single API, enabling businesses worldwide to expand into Africa and emerging markets. To date, Flutterwave has processed over 550 million transactions worth more than $32 billion, serving over 2 million businesses, including renowned brands like Uber, Flywire, and Booking.com.
The fintech’s competitive advantage lies in its international payment processing capabilities, covering 150 currencies and multiple payment modes, including local and international cards, mobile wallets, bank transfers, and Barter by Flutterwave. With an infrastructure presence in over 34 African countries, including Nigeria, Uganda, Kenya, and South Africa, Flutterwave continues to lead in payment innovation.
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