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Flutterwave says obtains CBN Switching and Processing licence

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By Oludare Mayowa

Nigeria’s fintech, Flutterwave has announced that the Central Bank of Nigeria (CBN) has granted it a Switching and Processing licence to enable it to improve financial transactions.

In a letter to clients, the fintech firm said the license will allow it to facilitate transactions between financial service providers, merchants, customers and other stakeholders.

According to the notes to clients, the ‘Switching and Processing licence’ is considered the most valuable of CBN’s licencing category.

“We have been granted a Switching and Processing license by the Central Bank of Nigeria (CBN). A switching and processing license allows us to facilitate transactions between financial service providers, merchants, customers and other stakeholders.

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“The license is considered the most valuable of CBN’s payments licensing category. It’s great news for us because it allows us to do more for our customers,” the company wrote in the notes to clients sighted by the Global Financial Digest.

It said with the new licence, the company will be able to conduct faster transactions with fewer intermediaries and dependencies, more speed.

“We can build out new solutions and fast-track other solutions in the pipeline. Exciting times ahead!

“This license shows we have demonstrated the highest level of security standards and processes in Nigeria. We will continue to meet and exceed expectations,” Flutterwave stated.

The fintech firm said it was “excited for this opportunity” while looking forward to growing with clients.

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