How Flutterwave is attempting to solve access to FX bottlenecks in Nigeria
One of the major issues that have plagued the Nigerian FX market is the difficulty and inefficiency in accessing foreign currency, leading to bureaucratic bottlenecks and reliance on traditional cash-based transactions.
This not only hinders seamless cross-border transactions but also fuels the prevalence of parallel markets, contributing to price instability.
Recognizing the pressing need for a transformative solution, African payment giant, Flutterwave has collaborated with Wema Bank, a prominent commercial bank in Nigeria, and Kadavra, a bureau de change (BDC) provider, to launch Swap, a digital product to digitise access to FX for Nigerians.
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What is Swap by Flutterwave?
Swap by Flutterwave is an innovative foreign currency exchange platform designed to provide individuals and businesses with an approved, secure, reliable, and user-friendly solution for accessing foreign currency at competitive exchange rates.
Swap is licensed and operates within a regulated framework and complies with industry standards. It has received the backing of the Central Bank of Nigeria (CBN) and is poised to digitize and streamline the process of accessing foreign exchange, without the challenges associated with traditional methods.
Flutterwave's Swap product is available exclusively on its web app for registered Nigerian users.
How to use Swap by Flutterwave
Simply create an account at swap.flutterwave.com and follow the user-friendly steps to create an account. Once registered, you can begin enjoying the benefits of secure and competitive foreign currency exchange. If you are a Send App or Flutterwave user, just login with your existing login details.
Having a verified active Flutterwave account allows you to use Swap as a business with no onboarding or verification required while having a verified active Send App account allows you to use Swap as an individual with no onboarding or verification required.
How to set up a Swap by Flutterwave account
- Create an account
Sign up with your Flutterwave account, email, Google or Apple login and breeze through the signup process. If you are already a Send App or Flutterwave Business user, you can directly log in with your current information.
- Submit your information
Flutterwave's KYC process that’s designed to protect you is simple and easy to get through. To ensure regulatory compliance and security, Swap users must undergo a rigorous identity verification process and provide documentation online.
This includes submitting their bank verification number, a selfie, a statement of the purpose for obtaining foreign exchange and supporting documentation. Once all required information is provided, users can input the account details for receiving the exchanged currency and receive it instantly.
- Swap your currency
Input the amount you want to swap, add details of the receiving account of your currency swap, review your information, select the payment method and that's all. Currently, users can access dollars, euros, and pounds using the platform.
- Confirmation
Flutterwave will confirm your currency swap within 24 hours and will keep you updated every step of the way as well.