Flutterwave gets switching, processing license, enables eNaira for businesses

Flutterwave gets switching, processing license, enables eNaira for businesses
The Central Bank of Nigeria, CBN, has granted Flutterwave, the top payments technology business in Africa, a Switching and Processing License.

The permit is regarded as the most precious payments processing permit held by CBN.

Flutterwave may now facilitate transactions between banks, fintechs, and other financial institutions thanks to this licence.

Additionally, the business is able to handle card transactions, take part in agency banking, and provide a range of payment services directly to customers.

Flutterwave was formerly authorised to operate under the terms of its IMTO and Payment Solution Service Provider (PSSP) licences.

Flutterwave also announced that its merchants in Nigeria can now accept eNaira payments on their platform. This follows the 3.0 product announcement event held in March this year, during which a range of upcoming product features were showcased.

eNaira is a digital currency issued and regulated by the Central Bank of Nigeria as a medium of exchange and store of value. It was launched on October 25 2021 and is available to users with or without a bank account, as they only need to register and access the wallet via the eNaira mobile app. To complete transactions, users can either scan QR codes or generate one-time tokens using the app. With this integration, Nigerian merchants can now use Flutterwave to collect eNaira payments from customers who have the eNaira app. To get started, merchants simply have to enable the eNaira payment option on their Flutterwave dashboard.

Reacting to the development, the CEO and founder, Olugbenga GB Agboola, said: “Securing this license is big news for our customers, partners, investors, and other stakeholders. It is an important milestone in our growth story.

”Our mission remains to simplify payments for endless possibilities and with our new adoption of eNaira as a payment method on Flutterwave, we are helping ensure that everyone has access to payment solutions that work for them.

”Building a thriving payments ecosystem in Nigeria, Africa’s largest economy, is in line with our goal of developing a world-class and secure payment infrastructure for global merchants and payment service providers across the continent.”

In his reaction, Azeez Oluwafemi, Senior Vice President, Products and Designs, said” “We strive to allow individuals and businesses with various payment needs and requirements do business easily.

”The eNaira feature is important for both merchants and customers because it offers an alternative payment method that many users find seamless.

”It is a key update to Flutterwave’s platform and we continue to look out for opportunities like this to improve our offering to customers.”
Chima Ugo is a patriotic Nigerian, a journalist, blogger and singer who is so much interested in the internet, journalism, and blogging and have been for half a decade.