The new features, powered by Swap, allow users to convert Nigerian Naira (NGN) into foreign currencies and send money across borders – all within a single platform.
Send App now serves as an all-in-one platform for users in Nigeria who need to exchange currency and transfer money internationally. Whether sending funds to family members abroad, paying for international services, or conducting business transactions, the upgraded app provides a simple, secure, and reliable solution.
The upgrade is made possible through Flutterwave’s collaboration with Kadavra BDC and Wema Bank. With Swap’s currency exchange services integrated directly into Send App, users no longer need to switch between multiple platforms to complete their transactions. This enhancement simplifies the process and ensures a more efficient experience.
Nigeria’s foreign exchange market has been marked by significant volatility, with the Naira experiencing frequent fluctuations against major global currencies like the USD, GBP, and EUR. These fluctuations have been driven by factors such as oil prices, inflationary pressures, and shifts in monetary policy. As a result, businesses and individuals often struggle to access foreign currency at stable and competitive rates, making international transactions more complex and costly.
To address these challenges, the Central Bank of Nigeria (CBN) has implemented various policies aimed at regulating forex access. Measures such as restrictions on accessing foreign exchange from official channels, multiple exchange rate windows, and periodic interventions in the forex market have shaped the way Nigerians engage in cross-border transactions. However, these policies have also created inefficiencies, leading many to seek alternative solutions outside the traditional banking system, including peer-to-peer exchanges and fintech-driven platforms.
The introduction of Swap within Send App comes at a time when Nigerians are looking for more transparent, accessible, and efficient forex solutions. By integrating currency exchange directly into the app, Flutterwave is providing a regulated and simple option for individuals and businesses to convert Naira into foreign currencies and send money internationally. This innovation could help bridge the gap between official forex policies and the everyday needs of Nigerians, offering a user-friendly alternative to conventional banking channels.
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