The Central Bank of Nigeria (CBN) has granted a Switching and Processing License to the growing Nigerian Fintech company, Flutterwave.
What’s the License for?
With the license, which is regarded as the CBN’s most valuable payments processing license, Flutterwave will be able to offer transaction switching and card processing services to customers. It allows Flutterwave to enable transactions between banks, fintech, and other financial service providers. The company previously operated with its Payment Solution Service Provider (PSSP) and International Money Transfer Operator (IMTO) licenses.
How does this impact the company’s operation?
Basically, the license enables Flutterwave to offer various payment services across platforms without any intermediary. Speaking on the development, the company’s Chief Regulatory and Government Affairs Officer, Oluwabankole Falade, said, “As a switch, we have more responsibilities and will continue to work with Regulators to ensure we meet and exceed their expectations”. “This is big news for our customers, partners, investors, and other stakeholders”, co-founder and CEO Olugbenga GB Agboola said.
The company added that the license will allow it to offer more services and give it “more control of our value chain to enable an improved payments experience for our enterprise, medium scale, and retail customers”.