Flutterwave, a Nigerian fintech unicorn, has secured its “switching and processing” permit from the Central Bank of Nigeria (CBN). The Fintech firm confirmed the development in a press statement released on its handle. According to Flutterwave, the issued license will enable it to effectively “facilitate transactions between financial service providers, merchants, customers, and other stakeholders.”
Before this development, Flutterwave said it operated in the country with two licenses. These licenses are payment services solutions provider (PSSP) and international money transfer operator (IMTO). It revealed that these licenses allowed the firm to operate legally in Nigeria but restricted its operations to several intermediaries. Flutterwave is renowned as platform offering varieties of virtual payment services, including cryptos.
The firm added that “With more oversight of the payment value chain, we are able to deliver an improved experience to our customers. The switching license gives us more room to operate and serve our customers while removing various constraints. This license is a game changer for our customers and us, and we can’t wait for you to enjoy all it offers.”
Flutterwave noted that involving intermediaries in its operations usually complicated the processing and confirmation of transactions. However, the firm feels its latest license acquisition will evacuate such complications as it gives absolute control to Flutterwave and as well reduces constraints.
It says the new license will enable the firm to improvise new products and services.
Flutterwave sees the license as a significant feat for the firm. According to the firm, “a switching and processing license is CBN’s most desirable payment license because it embeds the license at the core of Nigeria’s financial ecosystem.”
It added that the milestone comes with “rigorous and stringent checks across every single part of the business’ operations. By being granted this license, we have demonstrated Nigeria’s highest level of security standards and processes.”
Furthermore, the firm said it will bank on the license “to connect every single store of value in Nigeria to global commerce.”
Flutterwave facing probe in Kenya
This development comes a few weeks after the Central Bank of Kenya (CBK) directed all financial institutions in the country to “cease and desist” from dealing with Flutterwave and its contemporary Chipper Cash. The apex bank in the country said both Fintech firms were not licensed to operate in Kenya.
A Kenyan high court directed the freezing of Flutterwave’s bank accounts. This ruling paved the way for law enforcement agencies to probe the firm’s alleged involvement in illicit activities. Occasioned by this ruling, Kenya’s Asset Recovery Agency (ARA) blocked Flutterwave’s access to its over 50 bank accounts.
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