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The Nigerian fintech Flutterwave has said the switching and processing license it recently received from the Central Bank of Nigeria allows it to \u201cdeliver an improved experience to our customers.\u201d The new license is said to allow Flutterwave to \u201cconnect every single store of value in Nigeria to global commerce.\u201d<\/strong><\/p>\n The Nigerian fintech unicorn, Flutterwave, has been granted a switching and processing license by the Central Bank of Nigeria (CBN), a statement released by the payments firm has said. The new license allows Flutterwave to \u201cfacilitate transactions between financial service providers, merchants, customers and other stakeholders.\u201d<\/p>\n Before receiving the switching and processing license, Flutterwave operated in Nigeria using two licenses: payments services solutions provider (PSSP) and international money transfer operator (IMTO). While the licenses made it possible for Flutterwave to operate in Nigeria legally, according to the fintech firm their use meant the payments firm had to work with several intermediaries.<\/p>\n The involvement of such intermediaries, in turn, meant the processing and confirmation of transactions was cumbersome. As explained in the payments firm\u2019s latest blog post, the new license gives Flutterwave greater control while reducing constraints.<\/p>\n \u201cWith 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\u2019t wait for you to enjoy all that it offers,\u201d the fintech firm said.<\/p>\n Flutterwave added that the license now makes it possible for the firm to introduce new products and services.<\/p>\n<\/p>\n The fintech\u2019s blog post also explained why getting the central bank\u2019s coveted license is an important milestone for Flutterwave. The blog post explained:<\/p>\n A switching and processing license is CBN\u2019s most desirable payment license because it embeds the licensee at the core of Nigeria\u2019s financial ecosystem. This comes with rigorous and tough checks across every single part of the business\u2019 operations. By virtue of being granted this license, we have demonstrated the highest level of security standards and processes in Nigeria.<\/p>\n<\/blockquote>\n The announcement by Flutterwave that it has received yet another license from the CBN comes just a few weeks after the governor of the Kenyan central bank alleged that the fintech was operating illegally. As reported<\/a> by Bitcoin.com News, the Central Bank of Kenya subsequently ordered Kenyan financial institutions to end business engagements with Flutterwave.<\/p>\n Therefore, by revealing that it has been granted another license to operate in Nigeria, Flutterwave, which operates in several African countries, appeared to signal that it only operates within the confines of the law.<\/p>\n Meanwhile, the fintech firm\u2019s blog post ends by stating that the new license also allows Flutterwave \u201cto connect every single store of value in Nigeria to global commerce.\u201d<\/p>\nNew License Said to Be a \u2018Game Changer\u2019<\/h2>\n
Nigerian Central Bank\u2019s \u2018Most Desirable Payment License\u2019<\/h2>\n
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