Flutterwave Gets CBN Approval For USSD
If you have heard of Andela, you probably should know Flutterwave.
The two are not the same, but one of the founders of Andela, Iyin Aboyeji is the founder of Flutterwave.
Flutterwave is more of a payment infrastructure supporting payment platforms to drive their electronic payments.
So, the gist really, is that Flutterwave has received an approval from the Central Bank of Nigeria, CBN for its Unstructured Supplementary Service Data, USSD technology product.
USSD is that technology that helps you conduct banking transactions using codes, such as *000*1#.
The firm said in a statement that the CBN’s approval would enable its enterprise and retail customers to lay their products on the USSD infrastructure.
The Head, USSD Product Engineering, Flutterwave, Dayo Okesola, said he was excited to introduce the new payment solution to the market.
He said the innovation was a confirmation of the firm’s commitment to staying true to its promise to provide modern payment infrastructure that would empower Africans.
Okesola added that the payment channel offered Africans the benefits of security and convenience in their day-to-day transactions.
“The CBN’s nod affirms the validity of these provisions, especially for this product. The USSD technology has been adapted 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,” he said.
Don't forget to share this story with your friends