Ayodeji Ayenuwa
Flutterwave has introduced an innovative product set to reshape the dynamics of the FX market. This product launch is a collaborative effort between Flutterwave, Wema Bank, and Kadavra BDC (Bureau de Change), with the support of Nigeria’s leading financial institution, the Central Bank of Nigeria (CBN).
In light of the challenges that both individuals and businesses have encountered regarding foreign exchange and cross-border investments, the timing of this product launch couldn’t be more opportune. Flutterwave has developed Swap as a solution to address these challenges.
Swap is a user-friendly and efficient platform for currency exchange, aiming to revolutionize the Foreign Exchange (FX) market by digitizing the entire process and simplifying access to foreign currency.
According to the acting Governor of the CBN, the implementation of Swap will address two major issues for users: reducing dependence on cash and fostering collaboration among financial institutions.
Olugbenga ‘GB’ Agboola, the Founder and CEO of Flutterwave, emphasized the company’s dedication to innovation and simplifying financial operations to unlock boundless opportunities. He noted that Swap marks a significant advancement in how Nigerians will engage with foreign exchange. The platform offers a seamless and efficient method for currency exchange, with regulatory approval and the trust of partners Kadavra BDC and Wema Bank. And that every transaction will be monitored by the CBN.
Cynthia Onyinyechi, the Chief Executive Officer of Kadavra BDC, also praised Swap as a significant step in addressing the foreign exchange challenges faced by Nigerians. The platform simplifies the process of obtaining foreign currency with just a simple click.
In summary, the launch of this revolutionary product will make trading foreign currencies, participating in international exchanges, and investing in foreign companies significantly more accessible.
