African payments technology company Flutterwave says it has been granted a Switching and Processing License by the Central Bank of Nigeria (CBN). This license allows Flutterwave to offer a wide range of services to a diverse selection of customers.
Widely regarded as CBN's most valuable payments processing license, the Switching and Processing Licence 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 Payment Solution Service Provider (PSSP) and International Money Transfer Operator (IMTO) licences.
The application and review process by the CBN is described by Flutterwave as “a tough and rigorous process that examined every aspect of Flutterwave's business, including the company's financial position”.
Reacting to the news, Onyedikachim Nwankwo, Head of Product Marketing, said: "The license will allow us to offer more services and explore more payment use cases for our ecosystem. With this license, we can offer more value to our customers while taking more control of our value chain to enable an improved payments experience for our enterprise, medium-scale and retail customers."
Flutterwave enables businesses across the world to expand their operations in Africa and other emerging markets through a platform that enables cross-border transactions via one API. It has an infrastructure reach in over 34 African countries, including Nigeria, Uganda and South Africa.