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Flutterwave secures switching and processing license, Nigeria’s highest payments processing license

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Flutterwave, Africa’s leading payments technology company has been granted a Switching and Processing License by the Central Bank of Nigeria (CBN)— widely regarded as CBN’s most valuable payments processing license. This license allows Flutterwave to offer transaction switching and card processing services to customers. Others include non-bank acquiring, agency banking and payment gateway services.

The Switching and Processing license allows Flutterwave to enable transactions between banks, fintechs and other financial institutions. The Company is also able to process card transactions, participate in agency banking and offer various payment services without any intermediary. Prior to this license, Flutterwave operated with its Payment Solution Service Provider (PSSP) and International Money Transfer Operator (IMTO) licenses.

Commenting, CEO and Founder, Olugbenga GB Agboola said,

“This is big news for our customers, partners, investors, and other stakeholders. It is an important milestone in our growth story. Building a thriving payments ecosystem in Nigeria, Africa’s largest economy, is in line with our goal of developing a world class and secure payment infrastructure for global merchants and payment service providers across the continent.”

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Commenting on the news, Flutterwave’s Chief Regulatory and Government Affairs Officer, Oluwabankole Falade said,

“We’re thrilled to have been issued this license after fulfilling all of the regulatory requirements. The application process was very rigorous and included a detailed review of our operations as a business. As a switch, we have more responsibilities and will continue to work with Regulators to ensure we meet and exceed their expectations.”

Reacting to the news, Onyedikachim Nwankwo, Head of Product Marketing said,

“The license will allow us to offer more services and explore more payment use cases for our ecosystem. With this license, we can offer more value to our customers while taking more control of our value chain to enable an improved payments experience for our enterprise, medium scale and retail customers.”

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The application and review process by the CBN was a tough and rigorous process that examined every aspect of Flutterwave’sbusiness, including the company’s financial position.

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About Flutterwave

Flutterwave is a leading African payments technology company that enables businesses across the world to expand their operations in Africa and other emerging markets through a platform that enables cross-border transactions via one API. Flutterwave has processed over 200M transactions worth over USD $16B to date and serves more than 1,000,000 businesses including customers like Uber, Flywire, Booking.com, etc. The Company’s key advantage is international payment processing in 150 currencies and multiple payment modes including local and international cards, mobile wallets, bank transfers, Barter by Flutterwave etc. Flutterwave has an infrastructure reach in over 34 African countries, including Nigeria, Uganda, South Africa etc. For more information on Flutterwave’s journey, please visit: www.flutterwave.com

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Religion

Rev EMF Oshoffa rounds off 2022 USA pastoral working tour

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His Eminence, Reverend Emmanuel Mobiyina Oshoffa, Pastor and Supreme Head of the Celestial Church of Christ Worldwide, is about now rounding of his 2022 Pastoral Working Tour of the United States of America.

The high powered pastoral entourage would be leaving Miami, Florida, for New York on Wednesday, 28th September, 2022, and would thereafter leave for France before finally returning to base in Nigeria.

The highly successful 2022 Pastoral Working Tour of the U.S.A recorded various landmark achievements including, but not limited to forging peace and unity within the various aggrieved parties of the Celestial Church of Christ, U.S.A. Diocese.

Before departing Miami, Florida, His Eminence had a photo shoot with the shepherds, church workers and parishioners of Region ‘D’ C.C.C. U.S.A. Diocese.

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EMF With Shepherds & Church Workers.
EMF With Shepherds.
Region ‘D’ .
Region ‘D’ Parishioners.
EMF With the Region ‘D’ Family.

Superi

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Drug war: FEC approves fund for NDLEA’s armoured vehicles

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The Federal Executive Council (FEC) has approved N580.5 million for the procurement of four armoured vehicles to fight dangerous and illicit drugs by the National Drug Law Enforcement Agency (NDLEA).

Minister of Justice and Attorney General of the Federation, Abubakar Malami, made this known to State House correspondents at the end of the Council’s meeting which was presided over by President Muhammadu Buhari in Abuja on Wednesday.

He said: “Today, a memo was presented by the office of the Attorney General of the Federation, that is the Federal Ministry of Justice, which was relating to a parastatal under the supervision of the office of the Attorney General; the National Drug Law Enforcement Agency (NDLEA).

“The purpose of the memo was to seek approval of the council for the award of contract for the supply of four customised armoured security vehicles of 14 seater model for the NDLEA.

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“The contract sum is N580, 500, 000 only inclusive of 7.5 per cent value-added tax with a delivery period of 16 weeks.”

The Minister said the decision to procure the armoured vehicles was taken to encourage and safeguard the lives of NDLEA personnel who have been working very hard with impressive results being recorded.

“It is common knowledge that of recent, the NDLEA has been repositioned and arising from the support both in terms of our capacity building, hardware and associated things.

“They have been recording an extraordinary or unprecedented success. Recently, they seized about 1.8 tons of cocaine having a market value of about N194 billion.

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“So, with all these successes recorded, it is only logical that the criminals and their syndicate are now devising means inclusive of attacks on NDLEA personnel.

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”It is with that in mind that the memo was presented for the procurement of such vehicles for the NDLEA and the council approved,” he said.

According to him, between January and July 2022, the NDLEA arrested 18,940 suspects with 2,904 convictions.

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FEC approves N27bn for road project linking Ondo, Edo

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The Federal Executive Council (FEC) has approved N27 billion for the rehabilitation of a 27km road linking Ondo and Edo states.

Minister of Information and Culture, Lai Mohammed, revealed this to State House correspondents at the end of the Council meeting presided over by President Muhammadu Buhari, on Wednesday in Abuja.

He said: “The Minister of Works and Housing presented a memo for the approval of the award of contract for the rehabilitation of the Iduani-Otuwo road which links Ondo and Edo States.

“The contract is for the sum of N27, 233, 577, 000 billion and it has a completion period of 27 months.”

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Also addressing the correspondents on the outcome of the FEC meeting, the Minister of Industry, Trade and Investment, Niyi Adebayo, disclosed that the council gave approval for the second phase of the National Sugar Master Plan, which started in 2012.

He said the council approved the commencement of the 2nd phase from 2023-2033 for another period of ten years.

“In 2012, the 1st phase of the sugar master plan was approved, lasting for 10 years until 2022.

“Today the council approved the extension from 2023-2033 and the whole idea is for the development of the sugar industry, aimed at self-sufficiency in sugar production,” he stated.

According to Mr Adebayo, the plan has several policy measures and fiscal incentives to stimulate demand and attract private sector investment in the sugar industry.

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He added that four major investors participated in the 1st phase of the plan, creating 15, 000 jobs in the process with about 200 hectares of land acquired by them for the production of sugarcane to boost local production of sugar.

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On his part, the Minister of Mines and Steel Development, Olamilekan Adegbite, also told the correspondents that the council approved the building of a retaining wall for a salt project in Ebonyi State.

According to the minister, the wall is to help protect the washing away of the salt, which occurs naturally.

He said the salt if fully tapped, could save the country millions of dollars from importation of the commodity.

The minister added that the commodity could also be exported to earn more revenue for the country.

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“We came to council for an approval because there is an intervention; direct intervention by the president for a salt project in Ebonyi State.

“We import our salt from abroad spending annually in the region of about 88 million dollars.

“Now by this project, it will mitigate that. It will not satisfy local demand but at least meet some of the local demand and save us the foreign exchange.

“The salt is in Ebonyi State but it cannot be mined without this infrastructure that we are about to build.

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“We are building a retaining wall because water comes in and washes the salt away every time.

“These are salt lakes that occur naturally. After the environmental impact assessment was done, the report suggested that we should build a retaining wall,” he said.

Mr Adegbite added that the proposed wall would be 27 kilometres long and about 2.9 meters high and would be funded directly from the presidency, adding that the project would be achieved in six months.

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