Flutterwave gets USSD Approval From CBN

According to an official statement from the company, the CBN has granted approval for this solution. The USSD service will enable its enterprise and retail customers to access their products on this infrastructure.
The Head, USSD product Engineering at Flutterwave, Dayo Okesola said
“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”

According to reports byAlternativelending.io : Flutterwave has processed more than $1.5 billion dollars across 14 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.”

flutterwave ussd

Obviously, this approval will boost Flutterwave’s portfolio to process more funds  perhaps a boost to financial inclusion.

Many analyst believe that this is a wake-up call for Nigerian banks that the many fintech startups springing up in the country may threaten the country’s banking system.