The Central Bank of Nigeria (CBN) has granted a super-agent license to Flutterwave. This is in a bid to foster financial inclusion in Nigeria.
— finclusivenigeria (@finclusivenige1) November 5, 2019
Now a super-agent, Flutterwave will work alongside the CBN, commercial banks, microfinance banks, and other arms of the financial ecosystem. This is in a bid to ensure the unbanked Nigerians are onboard the financial ecosystem.
The fintech company will leverage the license to offer banking and financial payments services across the country. With the license at hand, Flutterwave agents can offer cash deposit and withdrawal, bills payment, payment of salaries, funds transfer services (local money value transfer), cash disbursement and cash repayment of loans services to customers.
Flutterwave will also ensure that its agents comply with limits bordering on transaction volumes and values.
However, the license is still an approval-in-principle (AIP). This simply means that Flutterwave has a six months probationary period to prove to the Apex bank that it is worthy of the license. Should it perform well, the license will be awarded fully.
Founded in 2016, Flutterwave is a payment technology company that is focused on helping banks and businesses offer seamless and secure payment experiences for their customers.
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