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Flutterwave has designed Swap, a secure and reliable digital platform that would guarantee immediate access to foreign currency at competitive exchange rates.
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Designed in partnership with Wema Bank and Kadavra BDC and backed by the Central Bank of Nigeria (CBN), the product comes at a time FX access is becoming a significant challenge to businesses and individuals seeking to engage in cross-border financial transactions.
At the unveiling of the product in Lagos, the company said the product would also ensure that every exchange is not only seamless and secure but also give consumers greater purchasing power.
Besides, the company also disclosed that it will introduce a convenient card issuance system to swap users to enhance rapid access to global currencies like dollars, euros, and British pounds, to distribute more than 10 million cards to Nigerians from next month.
According to the company, the move will be beneficial for Nigerians who require swift access to Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) to facilitate their educational pursuits, business endeavors, and diverse travel requirements.
Commenting on the product launch, the Founder and Chief Executive Officer of the company, Olugbenga Agboola said: “At Flutterwave, our dedication to innovation is matched only by our commitment to simplifying financial processes for endless possibilities. Swap represents a significant leap forward in how Nigerians will engage with foreign exchange (forex).
“We understand the FX access challenges individuals and businesses face, and swap is our answer to those pain points, providing a seamless and efficient platform for currency exchange. “We are honored to have secured regulatory approval and the trust of our partners Kadavra BDC and Wema Bank to bring this life-changing solution to Nigerians.”
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