This week, African payment technology firm Flutterwave announced that its foreign currency exchange solution, Swap, is now accessible through the Send App. This helps Nigerians access foreign currencies at competitive exchange rates. Send App users can now convert or transfer Nigerian Naira (NGN) to US dollars, British pounds, and Euros. More currencies are planned to be added in the future.
Swap, backed by the Central Bank of Nigeria, is licensed to offer digital foreign exchange solutions and facilitate outbound international payments through a partnership with Kadavra BDC and Wema Bank. It caters to a range of needs. For example, parents can send money to children studying abroad, and individuals can assist loved ones with emergency expenses or medical treatments overseas.
“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. 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,” said Olugbenga ‘GB’ Agboola, founder and CEO of Flutterwave.
Accessibility of Swap on Send App comes at a time when Nigerians and businesses are experiencing limited access to foreign currencies. That poses a significant challenge for individuals seeking to engage in international transactions, investments, and other cross-border financial activities. These issues have hampered macroeconomic growth and personal financial goals, making it difficult for individuals to fully access global opportunities.
“We understand the unique challenges our customers face, and we are committed to providing solutions that not only meet but exceed their expectations,” Swap senior product manager Temiloluwa Adesina said. “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.”