- The Send App, created by Flutterwave, a payments technology company in Africa, now offers FX solution
- Swap is permitted to facilitate outgoing overseas payments and offers digital foreign exchange (FX) solutions
- The service can be used for a number of things, including assisting family members with unexpected expenses or medical care overseas
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
The cutting-edge foreign exchange solution 'Swap', developed by Flutterwave, Africa's top payments technology firm, is now available via the Send App.
Nigerians can obtain dollars at affordable exchange rates with this service, which is safe, dependable, and instantaneous. With more currencies to be added in the future, Send App users may now convert or transfer Nigerian Naira (NGN) to US dollars (USD), British pounds (GBP), and euros (EUR) with ease.
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With the support of the Central Bank of Nigeria (CBN), Swap is authorised to provide digital foreign exchange (FX) solutions and enable outbound international payments through a partnership with Kadavra BDC and Wema Bank.
The service serves a variety of purposes, such as helping loved ones with emergency costs or medical care abroad and enabling parents to send money to children studying abroad.
“We are incredibly excited to make Swap accessible on Send App, which we believe will be a paradigm shift for Nigerian businesses and individuals alike,” said Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave.
“At Flutterwave, our mission has always been to simplify payments for endless possibilities, and this update aligns perfectly with that vision. Now, more than ever, Nigerians can participate fully in the global economy, sending money across borders with ease and confidence.”
Significance of Swap for African customers
Swap's availability on the Send App coincides with Nigerians' and businesses' restricted access to foreign currencies, which has made it extremely difficult for people to conduct cross-border financial operations such as investments and transactions.
These difficulties have also hindered macroeconomic expansion and individual financial objectives, making it more difficult for people to take advantage of worldwide prospects.
Temiloluwa Adesina, Senior Product Manager, Swap, emphasised the significance of this development for African customers:
“We understand the unique challenges our customers face, and we are committed to providing solutions that not only meet but exceed their expectations.
“By making Swap accessible on Send App, it reinforces our commitment to supporting African customers wherever they are, ensuring they have the tools they need to thrive in a global economy,” Adesina noted.
Flutterwave Sacks workers after hackers divert N11 billion
Legit.ng reported that a payment technology startup, Flutterwave, has laid off twenty-four employees, or 3% of its workforce.
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Flutterwave's CEO, Olugbega Agboola, announced this in a statement released on Monday.
Agboola claims that the action is a component of the company's plan to reorganise and effectively take advantage of the prospects in its main business divisions.
Proofreading by Nkem Ikeke, journalist and copy editor at Legit.ng.
