The Central Bank of Nigeria, CBN has granted an approval-in-principle, AIP, to Flutterwave to operate as a super-agent in the nation’s financial services system in order to boost financial inclusion in Nigeria, FINTECH AFRICA has learnt.
To realize the objective of the financial inclusion strategy and provide financial services to the underserved and unbanked population, Flutterwave will work closely with the CBN, commercial banks, microfinance banks, other financial institutions (OFIs), government as well as ministries, departments, and agencies (MDAs) and other stakeholders.
The CBN expects Flutterwave and its partners to deploy, operate, and manage a robust, efficient, interoperable agency banking and mobile financial payment network with selected retail outlets operating as agents under the framework as approved by the CBN.
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According to the CBN’s Regulatory Framework for licensing super-agents in Nigeria, the super-agents shall be responsible for monitoring and supervising the activities of the agents; have information on the volume and value of transactions carried out for each type of service by each agent.
Founded in 2016 by a team of former bankers, entrepreneurs and engineers, Flutterwave provides technology that is needed to provide business all around the world a powerful, reliable and intelligent payments gateway.
Flutterwave has its head office in San Francisco with operations in Lagos, Nairobi, Accra, and Johannesburg.