Fintech Unicorn Flutterwave Granted ‘Game Changing’ License by Nigerian Central Bank

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Fintech Unicorn Flutterwave Granted ‘Game Changing’ License by Nigerian Central Bank – The Central Bank of Nigeria (CBN) has issued a switching and processing license to the unicorn of Nigerian fintech, Flutterwave, according to a statement from the payments firm. Flutterwave is now able to “enable transactions between financial service providers, merchants, customers, and other stakeholders” thanks to the new license.

Flutterwave operated in Nigeria under two licenses prior to gaining the switching and processing license: international money transfer operator  (IMTO) and payments services solutions provider (PSSP). Although the licenses allowed Flutterwave to lawfully conduct business in Nigeria, the fintech company claims that because of their use, the payments company had to collaborate with many intermediaries.

Due to the presence of such intermediaries, transaction processing and confirmation were tedious. According to the most recent blog post from the payments firm, the new agreement allows Flutterwave more freedom while imposing less restrictions.

“With more oversight of the payment value chain, we are able to deliver an improved experience to our customers. The switching license gives us more room to operate and serve our customers while removing various constraints. This license is a game changer for us and our customers and we can’t wait for you to enjoy all that it offers,” the fintech firm said. Flutterwave noted that the company is now able to launch new products and services thanks to the license.

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Fintech Unicorn Flutterwave Granted ‘Game Changing’ License by Nigerian Central Bank – The blog post by the fintech firm also outlined why Flutterwave considers obtaining the coveted license from the central bank to be a significant accomplishment. 

According to the blog post: 

The CBN’s preferred payment license is a switching and processing license since it places the licensee at the center of Nigeria’s financial system. This entails thorough and stringent inspections of every aspect of the business’ operations.

By receiving this license, they have proven to have the greatest security procedures and standards in Nigeria. Only a few weeks ago, the governor of the Kenyan central bank claimed that the fintech company was conducting its business illegally. Now, Flutterwave has announced that it has been granted yet another license by the CBN.

The Central Bank of Kenya subsequently instructed Kenyan financial institutions to stop doing business with Flutterwave, as was previously reported. Flutterwave, which operates in various African countries, thereby gave the impression that it exclusively acts in accordance with the law by disclosing that it has been given another license to do business in Nigeria. The new license also enables Flutterwave to “link every single store of value in Nigeria to global commerce,” according to the fintech company’s concluding blog post.

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