FinTech: Africa-Focused Payments Company Flutterwave Wins Nigerian Payments Processing License

September 1, 2022 | FinTech, News

Flutterwave has been granted a Switching and Processing License by the Central Bank of Nigeria (CBN).

Widely regarded as the CBN’s most valuable payment processing license, it allows the company to offer transaction switching and card processing services to its customers, including the ability to effect transactions between banks, fintechs and other financial institutions.

Furthermore, Flutterwave no longer has to operate using an intermediary to process card transactions, participate in agency banking and offer various payment services. (CISION PR NEWSWIRE)

Commenting on the news, Flutterwave’s Chief Regulatory and Government Affairs Officer, Oluwabankole Falade, said, “The application process was very rigorous and included a detailed review of our operations as a business. As a switch, we have more responsibilities and will continue to work with Regulators to ensure we meet and exceed their expectations.”

The application and review process by the CBN was a tough and rigorous process that examined every aspect of Flutterwave’s business, including the company’s financial position.

Commenting, CEO and Founder, Olugbenga GB Agboola, said, “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.”

This is a regulatory achievement for Flutterwave in Nigeria. However, it has been having rocky time in Kenya, where the the Kenyan central bank barred all the country’s financial institutions from doing business with Flutterwave as it was not licensed to operate as a financial payments or remittance provider in the country.

In July, a court in Kenya froze more than $40 million in accounts belonging to Flutterwave under the country’s anti-money laundering laws.

Related Story: Some Emerging Market Fintechs In Hot Water As Central Banks Crack The Whip

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