US-based paytech Flutterwave has rolled out Swap, a digital foreign exchange platform for Nigerians, in partnership with Wema Bank and Kadavra BDC . The solution comes at a time when Nigerians and businesses are experiencing limited access to foreign currencies which has posed a significant challenge for individuals seeking to engage in international transactions, investments, and other cross-border financial activities.

Additionally, these challenges have hampered macro-economic growth and personal financial goals, making it difficult for individuals to fully access global opportunities. Beyond being the digital platform that has been approved by the Central Bank of Nigeria (CBN) to facilitate currency exchanges for businesses and consumers, Swap will ensure that every exchange is not only seamless and secure, but also financially rewarding, granting consumers greater purchasing power and businesses investment potential. A convenient card issuance system for swift access to global currencies To provide rapid access to global currencies like Dollars, Euros, and British Pounds, Flutterwave will also be introducing a convenient card issuance system to Swap users.

Aiming to distribute more than 10 million of these cards to Nigerians from October 2023, this 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 endeavours, and diverse travel requirements. Commenting on the product launch, officials from Flutterwave said Swap represents a significant leap forward in how Nigerians will engage with foreign exchange. They understand the FX access challenges individuals and businesses face, and Swap is their answer to those pain points, providing a seamless and efficient platform for currency exchange.

They are honoured to have secured regulatory approval and the trust of their partners Kadavra BDC and Wema Bank to bring this life changing solution to Nigerians. Adding representatives from Wema Banks said their support for digital innovation in the Nigerian finance industry has been ongoing since the launch of their digital Bank, ALAT. As a bank that is committed to digital innovation, we are happy to be on this journey with Flutterwave because they believe a product like Swap will have a major impact across all sectors.

One-click access to Swap is available to existing users of Flutterwave for Business and Send App. Swap will also be available via API for banks, and to Nigerians who sign up newly on the platform. .