July 16, 2024

Flutterwave Launches “SWAP” Together with Wema Bank, Kadavra BDC to Aid FX Access


By: Ogunyanwo Oluwatunmise


Flutterwave, the top payments’ technology company in Africa, made an exciting announcement at a press conference in their office in Ikoyi, Lagos. They officially launched Swap, a collaboration with Wema Bank and Kadavra BDC.


Swap, supported by the Central Bank of Nigeria (CBN), is an innovative solution that provides Nigerians with a secure and dependable digital platform for instant access to foreign currency at competitive exchange rates.


Swap arrives at a crucial moment when Nigerians and businesses face difficulties in obtaining foreign currencies, hindering international transactions, investments, and cross-border financial activities. These challenges impede economic growth and personal financial aspirations, limiting access to global opportunities.


Swap, as the CBN-approved digital platform, not only facilitates currency exchanges for businesses and consumers but also ensures seamless, secure, and financially rewarding transactions. With Swap, consumers will have increased purchasing power, while businesses will gain significant investment potential. Additionally, Flutterwave will introduce a convenient card issuance system to provide rapid access to global currencies like Dollars, Euros, and British Pounds for Swap users.


Aiming to distribute well over 10 million of these cards to Nigerians from October 2023, this move will be beneficial for Nigerians who require swift access to Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) to facilitate their educational pursuits, business endeavors, and diverse travel requirements.


Olugbenga ‘GB’ Agboola, the Founder and CEO of Flutterwave, expressed his excitement about the launch of Swap. He emphasized Flutterwave’s commitment to simplifying financial processes and providing endless possibilities. Agboola acknowledged the challenges Nigerians face in accessing foreign exchange and stated that Swap is designed to address those pain points. He also expressed gratitude for securing regulatory approval and the trust of partners Kadavra BDC and Wema Bank to bring this transformative solution to Nigerians.


Morufu Oseni, Managing Director, Wema Bank said: “Our support for digital innovation in the Nigerian finance industry has been unrivaled since the launch of our digital Bank, ALAT.


Cynthia Onyinyechi, CEO, Kadavra BDC said: “Swap is a step in the right direction for solving major FX problems for Nigerians, and has simplified the process for accessing foreign currency at the click of a button.”


One-click access to Swap is available to existing users of Flutterwave for Business and Send App. Swap will also be available via API for banks, and to Nigerians who sign up newly on the platform.

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