Flutterwave, a fintech company, on Thursday, announced that it has obtained a Switching and Processing License by the Central Bank of Nigeria (CBN).
The company made the announcement via it’s Twitter Page.
The licence is regarded as CBN’s most valuable payments processing license.
It allows Flutterwave to offer transaction switching and card processing services to customers. Others include non-bank acquiring, agency banking and payment gateway services.
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.
The CEO and Founder, 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, is in line with our goal of developing a world class and secure payment infrastructure for global merchants and payment service providers across the continent.”
The company is currently facing a case of fraud and money laundering in Kenya.
A Kenyan High Court has frozen more accounts of the company, stating that the Nigerian firm had no approval to conduct cross-border payments in the country, and accused it of fraud.
The court earlier ordered that its 29 bank accounts with Guaranty Trust Bank, 17 with Equity Bank and six with Ecobank be frozen.