Download Flutterwave Agency Banking
Dicky Pyle
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.
Flutterwave is a leading African payments technology company that enables businesses across the world to expand their operations in Africa and other emerging markets through a platform that enables cross-border transactions via one API. Flutterwave has processed over 200M transactions worth over USD $16B to date and serves more than 1,000,000 businesses including customers like Uber, Flywire, Booking.com, etc. The Company's key advantage is international payment processing in 150 currencies and multiple payment modes including local and international cards, mobile wallets, bank transfers, Barter by Flutterwave etc. Flutterwave has an infrastructure reach in over 34 African countries, including Nigeria, Uganda, South Africa etc. For more information on Flutterwave's journey, please visit: www.flutterwave.com.
The license gives Flutterwave permission to offer customers in the region switching and card processing services, as well as non-bank acquiring, agency banking and payment gateway services, according to a press release Thursday (Sept. 1).
The company can now enable transactions between banks, FinTechs and other financial institutions and can process card transactions, participate in agency banking and offer various payment services without any intermediary.
In August last year, the agency had frozen $3 million belonging to Flutterwave, Hupesi Solutions, and Adguru Technology Limited on suspicion of money laundering and fraud. The funds seizure happened two months after the ARA froze another $52.5 million belonging to Flutterwave and six other companies. The ARA filed a suit after each seizure, the first of which was withdrawn formally in March this year.
On September 1, 2022, Bloomberg reported that the Central Bank of Nigeria had granted Flutterwave the country's highest payment processing license, which allows it to process transactions between banks and cards without intermediaries. The switching processing license grants Flutterwave autonomy across the payments ecosystem value chain.[14] This includes processing funds transfers between banks and fintechs, as well as participating in agency banking and other payment services.[15][16][17]
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.
Kenya's Assets Recovery Agency (ARA), which is leading an investigation into the fintech firm, had filed to block the funds from being transferred. The agency also accused Flutterwave of money laundering and seeks to have the frozen millions forfeited to the government.
The Flutterwave POS is a mobile app developed by Flutterwave Inc, designed to offer banking services to agents from their mobile devices. This easy-to-use app is fast, reliable, and works even in areas with poor network coverage. With the Flutterwave POS, agents can enjoy cheaper rates compared to other similar apps, making it a preferred choice for hardworking agents.
This powerful app allows agents to perform a variety of banking services, including cheaper bank transfers (Cash-in) and withdrawals (Cash-out). Additionally, agents can conveniently purchase airtime and data, with the added benefit of cashbacks. Utility bill payments for services such as DStv, GOtv, Ikeja DC, Ibadan DC, and EkoDC can also be easily made through the app.
Join the best agency banking network in the country by downloading the Flutterwave POS app and signing up today. Experience the convenience, reliability, and cost-effectiveness that this app offers to agents.
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The Central Bank of Nigeria (CBN) has accorded a Switching and Processing License to Flutterwave, an African payments technology business.
Flutterwave can provide customers with transaction switching and card processing services with this licence.
Flutterwave is permitted to facilitate transactions between banks, fintechs, and other financial institutions thanks to the Switching and Processing licence
Additionally, the company can handle card transactions, participate in agency banking, and provide payment services directly to customers
Additionally, the company can handle card transactions, participate in agency banking, and provide payment services directly to customers. Flutterwave was previously licenced to operate as an International Money Transfer Operator (IMTO) and a Payment Solution Service Provider (PSSP).
With the CBN licensing more super agents, agency banking will be evenly spread, making financial services more accessible to people in unbanked areas. This means the regulatory body gets closer to achieving its financial inclusion rate of 80% by 2020.
The switching and processing license allows Flutterwave to enable transactions between banks, fintechs and other financial institutions. The company can also process card transactions, participate in agency banking and offer various payment services without any intermediary.
The Switching and Processing license also allows Flutterwave to enable transactions between banks, fintechs and other financial institutions. The fintech unicorn will also be able to process card transactions, participate in agency banking and offer various payment services without any intermediary.
The switching and processing license will allow Flutterwave to enable transactions between banks, Fintechs, and other financial institutions. The company will also be able to process card transactions, participate in agency banking and offer various payment services without any intermediary.
According to a statement, the Switching and Processing licence allows Flutterwave to enable transactions between banks, fintechs and other financial institutions.
It noted that 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.