Payments company Flutterwave has been granted a Switching and Processing License by the Central Bank of Nigeria (CBN).

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.

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

Flutterwave stressed that the application and review process by the CBN was a tough and rigorous process that examined every aspect of Flutterwave’s business, including the company’s financial position.

Olugbenga GB Agboola, CEO and Founder said,

“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.”