Flutterwave has launched Swap, a new product that will digitise the process of getting foreign exchange for Nigerians with the backing of the CBN.
The fintech is leveraging a partnership with Wema Bank, a commercial bank, and Kadavra BDC, a bureau de change, to provide liquidity and foreign exchange for the product.
Mr Folashodun Shonubi, the acting governor of the CBN, says that Swap could solve two major problems facing Nigeria’s foreign exchange market: the lack of collaboration between institutions and the dependence on cash.
Flutterwave will leverage its International Money Transfer Operator license from the CBN to bring in the foreign currency, Kadavra will use its BDC license to sell it, and Wema Bank will support the entire process.