Nigeria: Flutterwave Introduces Swap, a Revolutionary Digital Foreign Currency Exchange Platform in Nigeria

Flutterwave, Africa’s foremost payments technology company, has unveiled “Swap,” an innovative solution that grants Nigerians immediate access to foreign currency at competitive exchange rates. Developed in collaboration with Wema Bank and Kadavra BDC, this platform, endorsed by the Central Bank of Nigeria (CBN), is accessible to both individuals and businesses.

The launch of Swap comes at a critical juncture when Nigerians are grappling with restricted access to foreign currencies, hampering international transactions, investments, and cross-border financial activities. Swap is poised to address these challenges by providing a secure, dependable, and efficient channel for currency exchange.

In addition to delivering competitive exchange rates, Swap offers a user-friendly card issuance system. This enables users to swiftly and conveniently obtain foreign currency for various purposes, including travel, education, and business.

Flutterwave’s ambitious plan is to distribute more than 10 million of these cards to Nigerians starting from October 2023. This initiative will greatly benefit Nigerians seeking prompt access to Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) to facilitate their educational pursuits, business ventures, and diverse travel needs.

Olugbenga ‘GB’ Agboola, CEO of Flutterwave, expressed, “Swap represents a significant advancement in how Nigerians engage with foreign exchange. We are attuned to the challenges faced by individuals and businesses, and Swap is our response to alleviate those pain points. We are honored to have received regulatory approval and the confidence of our partners, Kadavra BDC and Wema Bank, in bringing this life-transforming solution to Nigerians.”

Cynthia Onyinyechi, CEO of Kadavra BDC, remarked, “Swap is a step in the right direction for addressing major FX issues for Nigerians. It has simplified the process of accessing foreign currency at the click of a button.”

Moruf Oseni, Managing Director of Wema Bank, stated, “We are proud to be on this journey with Flutterwave because we believe a product like Swap will have a significant impact across all sectors.”

Swap is accessible to existing users of Flutterwave for Business and Send App. Additionally, it will be available via API for banks and to newly registered Nigerians on the platform. For further information about Swap, please visit flutterwave.com/swap.