Flutterwave has announced the acceptance of eNaira as part of its payment options. This is coming shortly after it received a switching and processing licence from the Central Bank of Nigeria (CBN).
This new feature will enable merchants in Nigeria conduct transactions using the digital currency where before now was not a possibility. The company will charge a 1.4% per transaction fee pricing capped at N2,000 for merchants in Nigeria only.
“The eNaira joins the robust list of payment options available on Flutterwave. Merchants can now enable the eNaira payment option for collection from their customers via API and Checkout,” the statement reads.
Also, Azeez Oluwafemi, Senior Vice President, Products and Design said, “We’re the payment solution that strives to allow individuals and businesses with various payment needs and requirements to do business, easily. The eNaira feature is important for merchants and customers because it offers an alternative payment method that many users find seamless.
“It’s a key update to Flutterwave and we continue to look out for opportunities like this to improve our offering to our range of customers”, he added.
Already, Flutterwave supports transactions in Naira, British Pound Sterling, Canadian Dollar, Central African CFA Franc and others. It joins the rest of fintech companies seeking to simplify payments in Nigeria aside the cumbersome processes involved in transfers.
More to note:
Upon receiving a switching licence, Flutterwave notified its customers that it would launch a new suite of products.
“This license offers us the opportunity to launch more products, improve existing solutions and support our customers in more innovative ways. We have been quietly building amazing features and products in anticipation of this license and now we’re about to deploy all of these to help you grow your business,” the company stated.
With the capacities offered by the switching licence, the company will be able to explore many new features.
Onboarding the eNaira to its payment platform is Flutterwave’s latest push to expand its offering as Nigerians are adopting the digital currency.