Flutterwave, Africa’s leading payments technology company has been granted a Switching and Processing License by the Central Bank of Nigeria (CBN)— widely regarded as CBN’s most valuable payments processing license. This license allows Flutterwave to offer transaction switching and card processing services to customers. Others include non-bank acquiring, agency banking and payment gateway services.

Flutterwave is permitted to facilitate transactions between banks, fintechs, and other financial institutions thanks to the Switching and Processing license. Additionally, the Company is able to handle card transactions, take part in agency banking, and provide a range of payment services directly to customers. Flutterwave was formerly authorized to operate under the terms of its International Money Transfer Operator (IMTO) and Payment Solution Service Provider (PSSP) licences.

“This is big news for our customers, partners, investors, and other stakeholders. It is an important milestone in our growth story. Building a thriving payments ecosystem in Nigeria, Africa’s largest economy, is in line with our goal of developing a world-class and secure payment infrastructure for global merchants and payment service providers across the continent.”

                                            Olugbenga GB Agboola, CEO and co-founder of Flutterwave.

“We’re thrilled to have been issued this license after fulfilling all of the regulatory requirements. The application process was very rigorous and included a detailed review of our operations as a business. As a switch, we have more responsibilities and will continue to work with Regulators to ensure we meet and exceed their expectations.”

 Oluwabankole Falade, Chief Regulatory and Government Affairs Officer, Flutterwave’s.

“The license will allow us to offer more services and explore more payment use cases for our ecosystem. With this license, we can offer more value to our customers while taking more control of our value chain to enable an improved payments experience for our enterprise, medium scale and retail customers.”

                                  Onyedikachim Nwankwo, Head of Product Marketing, Flutterwave’s.

The CBN’s application and assessment procedure were demanding and thorough, looking at every facet of Flutterwave’s operations, including its financial standing.