Flutterwave, an African payments technology company, has been granted a Switching and Processing License by the Central Bank of Nigeria (CBN)— widely regarded as CBN’s most valuable payments processing license.
This license allows Flutterwave to offer transaction switching and card processing services to customers. Others include non-bank acquiring, agency banking and payment gateway services.
The Switching and Processing license allows Flutterwave to enable transactions between banks, fintechs, and other financial institutions. The Company is also able to process card transactions, participate in agency banking and offer various payment services without any intermediary. Prior to this license, Flutterwave operated with its Payment Solution Service Provider (PSSP) and International Money Transfer Operator (IMTO) licenses.
Commenting, CEO and Founder, Olugbenga 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.”
