Swap, a cutting-edge service from Flutterwave, Africa’s premier payments technology business, gives Nigerians instant access to foreign currency at cheap exchange rates. The CBN-backed platform created with Wema Bank and Kadavra BDC is open to individuals and businesses.
Swaps arise when Nigerians have limited foreign currency access. This has made foreign transactions, investments, and other cross-border financial activity problematic. Swap offers secure, dependable, and efficient currency exchange to overcome these issues.
Swap offers reasonable exchange rates and a straightforward card issuance mechanism. This makes foreign currency for travel, education, and business easy to access.
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Nigerians who need fast access to Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) for education, business, and travel will benefit from this move to distribute more than 10 million cards in October 2023.
Swap is a significant change in how Nigerians use foreign exchange, according to Flutterwave CEO Olugbenga ‘GB’ Agboola. Swap solves the problems that people and businesses confront.
We are proud to have regulatory permission and Kadavra BDC and Wema Bank’s trust to provide this life-changing option to Nigerians.”
Cynthia Onyinyechi, CEO of Kadavra BDC, said, “Swap is a step in the right direction for solving Nigeria’s major FX problems. It has made it easier to get foreign currency with just the click of a button.”
Wema Bank’s Managing Director, Moruf Oseni, said, “We are proud to be on this journey with Flutterwave because we think a product like Swap will have a big impact on all sectors.”
Swap can be used by people who already use Flutterwave for Business or the Send App. It will also be accessible to banks and Nigerians who sign up for the site for the first time.
About Flutterwave
Flutterwave is a payments technology company that helps businesses grow in Africa and other emerging markets by giving them a tool that lets them do transactions across borders with just one API. So far, the company has handled more than 550 million deals worth more than $32 billion. It works with over 2 million businesses, such as Uber, Flywire, Booking.com, etc.
Its main benefit is that it can process payments in 150 different currencies in various ways, such as local and foreign cards, mobile wallets, bank transfers, Barter by Flutterwave, etc. Flutterwave has facilities in over 34 African countries, including Nigeria, Uganda, Kenya, and South Africa. To find out more about Flutterwave’s journey.