Flutterwave, a Nigeria-based fintech facilitating cross-border payments has announced its issuance of a Switching and Processing license from the Central Bank of Nigeria (CBN), an approval that would see the fintech improve its operations, payment solutions, and better serve customers, merchants, and businesses.
What this means
- Flutterwave earlier operated on Payments Service Solutions Provider (PSSP) and International Money Transfer Operator (IMTO) licenses, meaning that it had to work with other partners to facilitate payments made on its platform. With the CBN license, the fintech will now have more control of the payment value chain, improved settlement and transaction clearing capabilities, and faster payments.
- The license will improve customer experiences for users. The fintech will now be able to offer speedy customer support, removing payment constraints. It aims to unveil new solutions and products for customers to grow their business following this approval.
- The Apex bank issuance of the Switching and Processing license is a testament to the trust in the security-focused operations of the fintech company. With this license, customers are ensured of more security measures and standard practices that promote safe and risk-free payments.