NewStats: 3,262,159 , 8,176,269 topics. Date: Sunday, 01 June 2025 at 03:10 AM 6h4v41

Backed by the Central Bank of Nigeria (CBN), Flutterwave has launched Swap, an attempt to digitise the Nigerian foreign exchange (FX) market, in partnership with Wema Bank, the 10th biggest Nigerian bank by assets, and Kadavra BDC.

Flutterwave has launched Swap, a new product that will digitise the process of getting foreign exchange for Nigerians with the backing of the CBN. The fintech is leveraging a partnership with Wema Bank, a commercial bank, and Kadavra BDC, a bureau de change (BDC), to provide liquidity and foreign exchange for the product.

Mr Folashodun Shonubi, the acting governor of the CBN, told reporters at a press conference last week that Swap could solve two major problems facing Nigeria’s foreign exchange market: the lack of collaboration between institutions and the dependence on cash.

“No new licenses were issued, and we believe (Swap) will help moderate the rates for the BDCs and at the same time differentiate BDCs from black market transactions,” Shonubi said. Flutterwave will leverage its International Money Transfer Operator license from the CBN to bring in the foreign currency, Kadavra will use its BDC license to sell it, and Wema Bank will the entire process.

Shonubi added that BDCs that refuse to go digital would be phased out of the system as the CBN tries to make the FX market cashless.

“This helps us to differentiate between what is a regulated market, which is a BDC, as opposed to the ones which the central bank does not regulate.” He shared that the apex bank would monitor all transactions on Swap and unregulated foreign transactions would stop “because of what we’re doing here today.”

The launch of Swap comes a week after the CBN acting governor said the apex bank would clear all FX backlogs within two weeks. While previous attempts to clear the backlog, such as a publicised $3billion AFREXIM loan, have not yielded any results, CBN is keeping its new plans to clear years’ worth of FX backlog close to its chest. A failure to clear these backlogs will keep significant demand flowing to the parallel market and limit the CBN’s ability to offer price stability.

“We understand the FX access challenges individuals and businesses face. Swap is our answer to those pain points, providing a seamless and efficient platform for currency exchange,” said Olugbenga Agboola, the CEO and co-founder of Flutterwave.

Swap is only available on Flutterwave’s web app and for ed Nigerian s. s can only access dollars, euros, and pounds with the product. Flutterwave will also issue cards from October for Nigerians who require swift access to Personal Travel Allowance (PTA) and Business Travel Allowance (BTA).

s must multiple identity verification phases and submit documentation online before accessing Swap. They would have to submit their bank verification number, a selfie, the reason they want to get FX, and documentation to their reason. After submitting all the required information, s can input the numbers they want the money deposited into and get it instantly. Swap will also be available via API for banks.

https://techcabal.com/2023/09/11/flutterwave-swap/

Ok

w

Ok oo

ik

Cosmetic solutions never work

painted graveyard 😜

Shey una rate good sha ....



You already av Send app why u jus dey duplicate una service up nd down....

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Nice

Cool

kjhbkj

bassdow:
kjhbkj

Election is over and I would expect any well meaning Nigerian to the government on the throne.

How ever, this is obviously a cosmetic approach to resuscitation of the economy- it won't last long before the main problem resurface again!

It's better we tackle the problem than giving a transient and ephemeral solution.

What happens to our local production? Exportation? Refinery? Etc

amerengues:
D

😎

It looks like CBN is just fighting a battle without a clear cut direction and action plan they are just trying any method and anything just to see if luck will shine on them and I don’t think this is good you must have a well developed plan and direction to get the desired results and way best of luck


The major reason of the Nigerian FX problem is than Nigeria is an import dependent country and everything is dollarize is Nigeria , the Garri seller will increase price because of dollar price increase

I don’t see the swap of a thing making needed impact because of documents and monitoring, many of the dollars demand in Nigeria is purely against monitoring and documentation, politicians need dollars to stuck and bribe , yahoo boys need dollars e.t.c

This flutterwave fraud of a CEO is still parading himself around in Nigeria? Someone that'd be behind bars in the US like Shrekli or SBF.

When you have a Financial expert like Tinubu running the Affiars of the Nation

Expect ingenious technogical and financial solutions to our Economic National problem

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Great one

Let's check it out.

Beta pikin, proferring home grown solution with the help of the best education from around the world. Things like this are what i am hoping this current japa set will bring back home within the next decade. Home is the best lab to test your world best idea and solutions. Till then alaye keep the hustle tight and game clean!

Cos na YORUBA man get am

The guys that need the fx don't want the documentation because they are mostly unregulated , uned and illegal business entities/ individuals. That's why we have a black market

Backpedal:
Cosmetic solutions never work

God bless you.

We keep deceiving ourselves. A nation that imports over 80% of its consumption will always have FX problems.

This call for celebration 🥳🎉

Good




https://www.youtube.com/watch?v=tMCFre_LlPY

Let the dollar come to 1naira to 1$ then we can appreciate the Cbn and Tinubu government stolen mandate.

iammo:




When you have a Financial expert like Tinubu running the Affiars of the Nation


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Hahahahaha shatap

Enemies of Yoruba people will wail tire

obembet:
Cos na YORUBA man get Man

Yh yh