A Nigerian fintech company, Flutterwave, said it has received a switch and processing license from the country’s central bank. This, it said, would enable its operations to give a better experience to its customers. The license is designed to let Flutterwave connect all stores of values available in Nigeria to commerce across the world.
Facilitating Better Transactions
Flutterwave is a unicorn fintech company and it announced its latest achievement via statement. The statement said further that the new license would enable Flutterwave to be a facilitator of transactions between merchants, their customers, and every other stakeholder in the global financial service system.
Flutterwave has been operating in Nigeria with two licenses before now. They are the IMTO and PSSP. While the company operates legally in Nigeria with those licenses, it said it had to use intermediaries a lot in its operations.
Having so many intermediaries meant its processes and method of confirmation on each transaction were complex. As the company has explicated in its statement, the new operating license now gives it room for better control and reduces constraints.
The statement read that the company now has better oversight of its payment chain. It will, therefore, be better positioned to give customers a better transaction experience. It said the switch license will give it more operating space and improve customer deliverables while it removes constraints.
More Opportunities and the Travail in Kenya
Flutterwave said the new license will be a game-changer for its community and it looks forward to offering more to the public. The license makes the introduction of new services and products to users possible, the statement said.
Flutterwave also said it is an important milestone to have secured the central bank’s license. It said the newly secured license is the central bank’s most important license concerning payment as it puts the license holder into the core part of the Nigerian financial system.
As expected, it comes along with a thorough and rigorous examination of every aspect of the business requesting it. Flutterwave said being given the license is evidence that it has the highest security level standard in the financial system.
The latest announcement from Flutterwave comes after a few weeks of allegations that Flutterwave operates illegally in Kenya. This was pointed out by the Kenyan central bank Governor. The media reported that the Kenyan central bank ordered all financial institutions in the country to seize engagement with the fintech company immediately.