Award-winning payments technology company, Flutterwave, has received a nod from the APEX Bank for its Unstructured Supplementary Service Data (USSD) technology product. The Central Bank of Nigeria (CBN) has granted approval for this solution, following the release of an official company statement.
The USSD service will enable its enterprise and retail customers to layer their products on this infrastructure.
“We are excited to introduce this new payments solution to the market, staying true to our promise to provide modern payment infrastructure that empowers Africans. Our new payment channel offers Africans the benefits of security and convenience in their day-to-day transactions,” said the Head, USSD product Engineering, Dayo Okesola. CBN’s approval affirms the validity of these provisions, especially for this product.
The USSD technology has been adopted in recent times to reduce the number of banking hall visits made by the average Nigerian. Funds are transferred between parties instantly via a GSM device with no internet access or smartphone functionality required.
Nigeria’s leading payments infrastructure for banks and businesses has been a major part of the Fintech ecosystem in Africa processing more than $1.2 billion dollars across 10 million transactions and introducing 4 different products to enable Africans easily transact and transfer cash online. The startup raised over $10 million in a Series A round of funding last year.
In April, the Vice President of Nigeria, Yemi Osinbajo, also acknowledged the impact of startups like Andela and Flutterwave while on a tour of major Nigerian startups.
Flutterwave is a payment technology company focused on helping banks and businesses provide seamless and secure payment experiences for their customers. According to Flutterwave, the company’s infrastructure enables business and individual payments via cards, mobile money wallets, and bank accounts from different African countries and around the world, all of which can be performed on one integrated platform.