Flutterwave, in partnership with Wema Bank and Kadavra BDC, has introduced Swap, a secure and reliable digital platform that provides immediate access to foreign currency at competitive exchange rates. This product has been backed by the Central Bank of Nigeria (CBN) and comes at a time when access to foreign exchange is a significant challenge for businesses and individuals engaged in cross-border transactions.
The unveiling of Swap took place in Lagos, where Flutterwave highlighted that the platform ensures seamless and secure exchanges, while also giving consumers greater purchasing power. In addition to this, the company announced plans to introduce a convenient card issuance system for Swap users. This system will enable rapid access to global currencies such as dollars, euros, and British pounds. The company aims to distribute more than 10 million cards to Nigerians starting from next month.
The launch of Swap is expected to be beneficial for Nigerians who require swift access to Personal Travel Allowance (PTA) and Business Travel Allowance (BTA). These allowances are crucial for educational pursuits, business endeavors, and various travel requirements. By offering a seamless and efficient platform for currency exchange, Flutterwave aims to address the challenges faced by individuals and businesses in accessing foreign exchange.
Olugbenga Agboola, the Founder and CEO of Flutterwave, expressed his excitement about the product launch. He stated that Swap represents a significant leap forward in how Nigerians engage with foreign exchange. Flutterwave’s dedication to innovation and commitment to simplifying financial processes have led to the development of this life-changing solution. The company is honored to have the trust of their partners, Kadavra BDC and Wema Bank, as well as regulatory approval to provide this innovative solution to Nigerians.
Overall, Swap by Flutterwave aims to provide Nigerians with a secure and efficient platform for foreign currency exchange, addressing the challenges faced by individuals and businesses in accessing foreign exchange and empowering them with greater purchasing power.