Flutterwave, a Nigerian fintech company, has refuted the recent publication by the Nigeria Inter-Bank Settlement System (NIBSS) Plc instructing commercial banks in the country to sever ties with switches, payment solution service providers, and super agents in the Instant Payment Outwards System.
Unfortunately, Flutterwave was among the companies affected by this directive, potentially impacting a company valued at over $2.5 billion in a negative manner.
In putting out a statement that is available on their X (formerly known as Twitter) the company said, “The recent NIBSS circular has ZERO impact on our services because we are not deposit taking like a bank. We are a licensed Switching and Processing company & an International Money Transfer Operator – this means our services remain unaffected, and we will continue to deliver best-in-class excellence to you, our customers. We are connected to NIBSS for the purpose of outward money transfer in Nigeria. Rest assured, we are open for business as usual!”
The recent NIBSS circular has ZERO impact on our services because we are not deposit taking like a bank.
Related News We are a licensed Switching and Processing company & an International Money Transfer Operator – this means our services remain unaffected, and we will continue to deliver…
— Flutterwave (@theflutterwave) December 7, 2023
However, the fintech company’s statement sparked diverse reactions. Some doubted the validity of their claim, while others remained neutral, stating they were unaware of Flutterwave operating like a bank, handling customer money.
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