Flutterwave has rolled out ‘Swap,’ a novel foreign currency exchange solution that offers Nigerians immediate access to foreign currencies at competitive exchange rates. Whether you need Dollars, Euros, or Pounds, Swap allows you to pay Naira and securely get your foreign exchange
The fintech company is utilizing its collaboration with Wema Bank, a commercial bank, and Kadavra BDC, a bureau de change (BDC), to ensure liquidity and foreign exchange support for this product.
Speaking at a recent press conference in Lagos, Nigeria, Mr. Folashodun Shonubi, the interim governor of the CBN, highlighted that Swap has the potential to address two significant challenges in Nigeria’s foreign exchange market: the absence of inter-institutional cooperation and the over-reliance on cash.
Mr. Shonubi clarified that the CBN did not issue any new licenses and expressed the belief that Swap would play a role in stabilizing rates for the BDCs, simultaneously distinguishing them from black market transactions.
According to Founder and CEO of Flutterwave, Olugbenga ‘GB’ Agboola, “At Flutterwave, our dedication to innovation is matched only by our commitment to simplifying financial processes for endless possibilities. Swap represents a significant leap forward in how Nigerians will engage with foreign exchange.
“We understand the FX access challenges individuals and businesses face, and Swap is our answer to those pain points, providing a seamless and efficient platform for currency exchange. We are honored to have secured regulatory approval and the trust of our partners Kadavra BDC and Wema Bank to bring this life changing solution to Nigerians.”
Cynthia Onyinyechi, CEO of Kadavra BDC, expressed her thoughts, saying that Swap represents a significant step forward in addressing major foreign exchange challenges for Nigerians, simplifying the process of accessing foreign currency with just a simple click.
Moruf Oseni, Managing Director of Wema Bank, further contributed, stating, the bank’s unwavering support for digital innovation within Nigeria’s financial sector has been evident since the launch of its digital bank, ALAT. “As a bank that is committed to digital innovation, 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,” he added.
Swap is exclusively accessible through Flutterwave’s web application and is specifically designed for registered Nigerian users. With this product, users can exclusively obtain dollars, euros, and pounds. Furthermore, starting from October, Flutterwave will begin issuing cards to meet the needs of Nigerian users who require swift access to Personal Travel Allowance (PTA) and Business Travel Allowance (BTA).
