Flutterwave ventures into forex market
Flutterwave, in partnership with Wema Bank and Kadavra BDC, has entered the Nigerian foreign currency market with its new service Swap, which allows customers to change Naira into major international currencies.
The fintech company said the move is intended to address Nigeria's problem of limited access to foreign currencies for international transactions.
Flutterwave claims that Swap gives customers access to foreign currencies at competitive exchange rates.
"Whether you need dollars, euros, or pounds, Swap allows you to pay in Naira and receive your foreign currency in a secure manner. With Swap, we hope to make currency exchange simple," the company said.
Emphasising compliance, the company said that Swap follows stringent regulatory guidelines, guaranteeing that users have access to a reputable and authorised platform for their foreign currency needs.
"We use advanced security protocols backed by rigorous certifications," Flutterwave added. “Transactions are protected to the greatest extent possible."
Flutterwave founder and CEO Olugbenga Agboola commented about Swap on X yesterday. He said: "We're bridging the gap between Nigeria and the global economy, one solution at a time, and Swap is just another step in the direction of endless possibilities. We've made it simple to sign up for Swap, and existing Flutterwave or Send App users can sign in even faster."