Flutterwave Obtains Switching And Processing Licence From CBN

Flutterwave Obtains Switching And Processing Licence From CBN

Nigerian fintech, Flutterwave, has obtained a switching and processing licence. Granted to the fintech by the Central Bank Of Nigeria, the SP licence has been said to be one of the most valuable processing licenses of the CBN.

With this licence, Flutterwave can procure switching and card processing transaction services for customers. Other advantages attached to the licence include agency banking, non-bank acquiring and payment gateway services.

Carrying such features, through the SP, Flutterwave can now facilitate interbank transactions, including that of fintech and other institutions.

The fintech now has the ability to stimulate card transactions, engage in agency banking and procure numerous payment services without the use of intermediate facilities.

Initially, Flutterwave functioned with the use of its International Money Transfer Operator (IMTO) licenses and Payment Solution Service Provider (PSSP).

While addressing the development of the organization, Flutterwave’s Founder and CEO, Olugbenga Agboola, stated, 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.”

Although Flutterwave faces a bit of a challenge in East Africa, where it is currently in court for alleged money laundering-related cases, It seems the fintech is making headway in Nigeria regardless.

Anuoluwamipo. E. Idowu

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The Ouut 2022
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