The Switching and Processing license allows Flutterwave to enable transactions between banks, fintechs and other financial institutions. The Company is also able to process card transactions, participate in agency banking and offer various payment services without any intermediary. Prior to this license, Flutterwave operated with its Payment Solution Service Provider (PSSP) and International Money Transfer Operator (IMTO) licenses.
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Flutterwave secures Switching and Processing License, Nigeria's highest payments processing license
Commenting on the news, Flutterwave's Chief Regulatory and Government Affairs Officer, Oluwabankole Falade, said, "We're thrilled to have been issued this license after fulfilling all of the regulatory requirements. The application process was very rigorous and included a detailed review of our operations as a business. As a switch, we have more responsibilities and will continue to work with Regulators to ensure we meet and exceed their expectations."
