A new way of accessing forex instantly at competitive exchange rates has been introduced to Nigerian payment system by flutterwave. The solution, Swap, is accessible by private and commercial parties. Swap was launched in collaboration with WEMA Bank and Kadavra BDC, and supported by the Central Bank of Nigeria (CBN).
The African foremost fintech came up with the Swap initiative in order to furnish Nigerians with a dependable, effective, and safe way to transact forex. This comes at a time when most people in the country are going through the challenges of accessing forex for international trade deals, investments, and other such foreign businesses.
Part of the Swap solution is the issuance of cards which makes it very convenient to swiftly have access to foreign currencies required for education, business, travel, etc. Swap is important for people who need access to Personal Travel Allowance (PTA) and Business Travel Allowance (BTA).
CEO of the fintech, Olugbenga ‘GB’ Agboola revealed that, “Swap is a significant leap forward in how Nigerians will engage with foreign exchange. We understand the challenges individuals and businesses face, and Swap is our answer to those pain points. We are honoured to have secured regulatory approval and the trust of our partners Kadavra BDC and Wema Bank to bring this life-changing solution to Nigerians.”
About the SWAP launch, Cynthia Onyinyechi, Kadavra BDC CEO said, “Swap is a step in the right direction for solving major FX problems for Nigerians. It has simplified the process for accessing foreign currency at the click of a button.”
The Managing Director of WEMA Bank, Moruf Oseni concluded by saying “We are proud to be on this journey with flutterwave because we believe a product like Swap will have a major impact across all sectors.”