African fintech giant, Flutterwave, has introduced a groundbreaking solution called ‘Swap,’ which provides immediate access to foreign currencies at competitive exchange rates for Nigerians.
“Whether you require Dollars, Euros, or Pounds, Swap allows you to conveniently pay in Naira and securely obtain your desired foreign exchange,” Flutterwave said.
Flutterwave has partnered with Wema Bank, a commercial bank, and Kadavra BDC, a bureau de change (BDC), to ensure liquidity and foreign exchange support for this innovative product.
During a recent press conference in Lagos, Nigeria, Mr Folashodun Shonubi, the interim governor of the Central Bank of Nigeria (CBN), emphasized that Swap has the potential to address two major challenges in Nigeria’s foreign exchange market: the lack of inter-institutional collaboration and the heavy reliance on cash transactions.
Mr Shonubi clarified that the CBN did not issue any new licenses and expressed confidence that Swap would contribute to stabilizing exchange rates for BDCs, distinguishing them from illicit black market transactions.
Founder and Chief Executive Officer (CEO) of Flutterwave, Olugbenga ‘GB’ Agboola, stated “At Flutterwave, our commitment to innovation is matched only by our dedication to simplifying financial processes for limitless possibilities. Swap marks a significant advancement in how Nigerians engage with foreign exchange.”
He added, “We understand the challenges individuals and businesses face in accessing foreign currency, and Swap is our solution to these pain points, offering a seamless and efficient platform for currency exchange.
We are grateful for securing regulatory approval and the trust of our partners Kadavra BDC and Wema Bank in bringing this transformative solution to Nigerians.”
Cynthia Onyinyechi, CEO of Kadavra BDC, expressed her thoughts, noting that Swap represents a significant stride in addressing major foreign exchange challenges for Nigerians, simplifying the process of accessing foreign currency with just a simple click.
Moruf Oseni, Managing Director of Wema Bank, also shared his perspective, highlighting the bank’s unwavering support for digital innovation within Nigeria’s financial sector, which has been evident since the launch of its digital bank, ALAT.
He added, “As a bank committed to digital innovation, 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 exclusively available through Flutterwave’s web application and is tailored for registered Nigerian users. With this product, users can exclusively obtain dollars, euros, and pounds. Furthermore, starting in October, Flutterwave will begin issuing cards to meet the needs of Nigerian users who require swift access to Personal Travel Allowance (PTA) and Business Travel Allowance (BTA).