Flutterwave Gets CBN Approval For Switching And Processing Licence

Despite recent challenges with regulators in other countries, Flutterwave received one of Nigeria's most coveted payments licenses from its central bank, indicating its status as a valuable player in the financial services sector.

The switching and processing license in Nigeria allows a company to complete transactions between financial services companies. Flutterwave previously held two lower-tier payment and money transfer licenses but relied on third parties to process and settle payments for its clients.

Flutterwave now expects to be less reliant on third-party payment processors, promising faster payments and new products that have been "quietly built."

Interswitch (the Visa-backed company widely regarded as Nigeria's payments switching pioneer), eTranzact, Unified Payments, Appzone, TeamApt, and a few others are among those that offer switching services.

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