Flutterwave has launched Swap, a new product that would digitise the process of obtaining foreign currency for Nigerians with the support of the CBN.
To offer liquidity and foreign exchange for the product, the fintech is making use of a collaboration with Wema Bank, a commercial bank, and Kadavra BDC, a bureau de change.
“no new licences 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.” The acting governor of the CBN, Mr. Folashodun Shonubi, told reporters.
Flutterwave will utilise its CBN-issued International Money Transfer Operator licence to import the foreign currency; Kadavra will sell it using its BDC licence; and Wema Bank will assist with the entire operation.
As the CBN works to make the FX market cashless, Shonubi noted that BDCs who refuse to become digital would gradually be taken out of the system.
Swap is only accessible to registered Nigerian users on the Flutterwave web app. With the product, users can only access dollars, euros, and pounds.
For Nigerians who need quick access to Personal Travel Allowance and Business Travel Allowance, Flutterwave will also start issuing cards in October.
Before being able to access Swap, users must pass several identity verification processes and upload supporting evidence.
They would have to provide their bank verification number, a selfie, a justification for the FX, and supporting materials.
Users can type the account numbers they want the money placed into after providing all the necessary information, and they will immediately get it. Swap will also be accessible to banks via API.