Flutterwave secures CBN switching and processing license
The company has an infrastructure reach in over 34 African countries, including Nigeria, Uganda, and South Africa.
Flutterwave, Africa's leading payments technology company, has been granted a Switching and Processing License by the Central Bank of Nigeria.
The license will allow Flutterwave to offer transaction switching and card processing services to customers, non-bank acquiring, agency banking, payment gateway services, and offer various payment services without any intermediary, the company said in a statement sent to Financial Nigeria on 1 September 2022.
With the license, Flutterwave will be able to enable transactions between banks, fintechs and other financial institutions. Prior to this license, Flutterwave operated with its Payment Solution Service Provider (PSSP) and International Money Transfer Operator (IMTO) licenses.
"This is big news for our customers, partners, investors, and other stakeholders,” said Flutterwave founder and CEO Olugbenga Agboola. “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."
Flutterwave has processed over 200 million transactions worth over $16 billion to date and serves more than 1,000,000 businesses including customers like Uber, Flywire, and Booking.com. The company has an infrastructure reach in over 34 African countries, including Nigeria, Uganda, and South Africa.
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