CBN Grants Flutterwave Agency Banking, Card Processing License
By Adedapo Adesanya
Flutterwave has secured a Switching and Processing License by the Central Bank of Nigeria (CBN)— widely regarded as CBN’s most valuable payments processing license.
This license allows Flutterwave to offer customers transaction switching and card processing services. Others include non-bank acquiring, agency banking and payment gateway services.
This means the company can also process card transactions, participate in agency banking and offer various payment services without intermediaries.
Prior to this license, Flutterwave operated with its Payment Solution Service Provider (PSSP) and International Money Transfer Operator (IMTO) licenses.
Speaking on this, the Chief Executive Officer (CEO) and founder, Mr Olugbenga GB Agboola said, “This is big news for our customers, partners, investors, and other stakeholders. It is an important milestone in our growth story.
“Building a thriving payments ecosystem in Nigeria, Africa’s largest economy, aligns with our goal of developing a world-class and secure payment infrastructure for global merchants and payment service providers across the continent.
Reacting to the news, Mr Onyedikachim Nwankwo, Head of Product Marketing, said, “The license will allow us to offer more services and explore more payment use cases for our ecosystem.
“With this license, we can offer more value to our customers while taking more control of our value chain to enable an improved payments experience for our enterprise, medium scale and retail customers.”
Business Post had earlier reported that the startup was considering an Initial Public Offering (IPO) in the US, with Nigeria also being considered.
This will come as a semblance of good news to the unicorn which has been involved in a series of scandals.