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Nigeria’s financial sector digitization will be decades-long

Nigeria’s financial sector digitization will be decades-long

Like in the banking sector, the fintech sector is evolving into the next phase where dominant species will emerge. Yet, if you are just starting, do not lose hope because no one has unveiled a high-scaled fintech solution in Oriendu Market, Ovim, Abia State. Yes, my kins-men and -women are still paying with cash. The implication is that this digitization and transformation of the financial sector will be decades-long.

Also, it will also be categorized with kings evolving per category, not per sector. Nigerians push close to $354 billion on consumer payments to companies; in rural Nigeria, more than 90% of the rural transactions are done in cash! Flutterwave is releasing waves, but there are many flanks by the side for opportunities. #begin2build

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.

Before this license, Flutterwave operated with its Payment Solution Service Provider (PSSP) and International Money Transfer Operator (IMTO) licenses.

Commenting on this, the CEO and founder of Flutterwave, Olugbenga Agboola disclosed that Flutterwave securing its switching and processing license is big news for the company, its partners, customers, investors, and other stakeholders as Flutterwave has always sought to develop a world-class and secure payment infrastructure.

Central Bank Of Nigeria Grants Flutterwave Switching And Processing License


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