Flutterwave has made its foreign exchange solution, Swap, available on its remittance platform, Send App, offering Nigerians a seamless way to convert and transfer foreign currencies.
Why it matters
Access to foreign exchange in Nigeria has been a persistent challenge, limiting international transactions, investments, and financial mobility.
By integrating Swap into Send App, Flutterwave provides a secure and instant way for users to exchange Naira (NGN) for US Dollars (USD), British Pounds (GBP), and Euros (EUR), with more currencies to come.
The Details
- Swap is backed by the Central Bank of Nigeria (CBN) and operates in partnership with Kadavra BDC and Wema Bank.
- It enables outbound international payments, making it easier for parents to send money to children abroad or for individuals to cover medical and emergency expenses overseas.
- The expansion aligns with Flutterwave’s broader mission to simplify payments and enhance financial inclusion.
What They’re Saying
- We believe this will be a paradigm shift for Nigerian businesses and individuals alike,” said Flutterwave CEO Olugbenga ‘GB’ Agboola. “Now, more than ever, Nigerians can participate fully in the global economy.”
- Temiloluwa Adesina, Senior Product Manager for Swap, highlighted the company’s commitment to African customers: “By making Swap accessible on Send App, we ensure our customers have the tools they need to thrive in a global economy.”
The Big Picture
The move comes as Nigeria continues to struggle with forex shortages, which have hampered economic growth and cross-border transactions.
Flutterwave’s expansion of Swap could offer much-needed relief, providing Nigerians with a more reliable way to access foreign currencies.
