Suggestions




··

Flutterwave Bags CBN’s Highest Payments Processing License

September 2, 2022
by
Flutterwave Bags CBN’s Highest Payments Processing License
Flutterwave Bags CBN’s Highest Payments Processing License

 

Popular financial technology company, Flutterwave, has secured Nigeria’s highest payments processing license from Central Bank of Nigeria (CBN).

Join our WhatsApp Channel

The latest licence known as a Switching and Processing License is widely regarded as CBN’s most valuable payments processing license. This license shall allow Flutterwave to offer customers transaction switching and card processing services. Others include non-bank acquiring, agency banking and payment gateway services.

Reportedly, the company could 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.

According to Flutterwave’s Chief Executive Officer and Founder, Olugbenga GB Agboola: “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, 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.”

This new feather to the company’s cap came on the heels of the now viral news that Flutterwave is considering an Initial Public Offering (IPO) in the US and Nigeria.  Sources familiar with the situation told Bloomberg that the recent recruitments into key positions at Flutterwave were all in preparation for the IPO. Recall that Flutterwave had recently hired Oneal Bhamban, a former VP at American Express, as its new Chief Financial Officer. Also, the company hired Gurbhej Dhillon, a former MD at Goldman Sachs, as its new Chief Technology Officer.

 

 

+ posts

Queen Nwabueze

Related Posts

MTN Service Down Time Caused By Damaged Undersea Cables
Previous Story

MTN 5G Broadband Sells At N50,000

3 Key Personal Finance Lessons You Need
Next Story

3 Key Personal Finance Lessons You Need

Featured Stories

Related Posts

Latest from Africa

Nigeria Congratulates Ghana on 69th Independence Anniversary

Nigeria on Friday congratulated Ghana on the occasion of its 69th independence anniversary, reaffirming longstanding diplomatic and cultural ties between the two West African neighbours. In a statement issued by the foreign ministry, Nigeria’s Minister of Foreign Affairs Yusuf Tuggar conveyed the

Dozens of Ghanaians Killed Fighting in Ukraine War

Dozens of Ghanaians have been killed while fighting in the war in Ukraine, with two others currently held as prisoners of war, Foreign Affairs Minister Samuel Okudzeto Ablakwa has said. Speaking during a visit to Kyiv, Ablakwa said around 272 Ghanaians were
MTN Service Down Time Caused By Damaged Undersea Cables
Previous Story

MTN 5G Broadband Sells At N50,000

3 Key Personal Finance Lessons You Need
Next Story

3 Key Personal Finance Lessons You Need

Don't Miss

Carabao Cup: Minamino Misses Sitter As Resolute 10-Man Arsenal Hold Liverpool 

Takumi Minamino squandered a golden chance for Liverpool as
Enugu Guber: We’ll Coast To Victory – Edoga, LP Candidate

Enugu Guber: We’ll Coast To Victory – Edoga, LP Candidate

Governorship candidate of the Labour Party in Enugu State, Hon.