BusinessDay
NigeriaDecides2023

Flutterwave secures payments processing license from CBN

Flutterwave, one of Africa’s leading payments Technology companies, 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.

According to a statement by the firm, the Switching and Processing license allows Flutterwave to enable transactions between banks, fintech, and other financial institutions.

“The Company is also able to process card transactions, participate in agency banking and offer various payment services without any intermediary.

“Prior to this license, Flutterwave operated with its Payment Solution Service Provider (PSSP) and International Money Transfer Operator (IMTO) licenses,” the statement read.

Olugbenga GB Agboola, CEO and Founder of the firm, said that this is big news for the firm’s 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,” said GB Agboola.

Read also: How CBN is supporting economic diversification

Flutterwave is a leading African payments technology company that enables businesses across the world to expand their operations in Africa and other emerging markets through a platform that enables cross-border transactions via one Application Programming Interface (API).

“We’re thrilled to have been issued this license after fulfilling all of the regulatory requirements,” said Oluwabankole Falade, Flutterwave’s Chief Regulatory and Government Affairs Officer,

talade said 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.”

Meanwhile, Onyedikachim Nwankwo, Head of Product Marketing, said the license will allow the firm 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.”

According to the statement, the application and review process by the CBN was a tough and rigorous process that examined every aspect of Flutterwave’s business, including the company’s financial position.

Flutterwave has processed over 200 million transactions worth over $16 billion to date and serves more than one million businesses. The firm has an infrastructure reach in over 34 African countries, including Nigeria, Uganda, South Africa etc.