The Central Bank of Nigeria has approved Nigerian fintech company, Flutterwave to start using Unstructured Supplementary Service Data (USSD) technology for its product.
The USSD is an addition to other payment channels it already offers and affirms the firm’s commitment to staying true to its promise to provide modern payment infrastructure that would empower Africans. Says Flutterwave.
Head, USSD Product Engineering, Dayo Okesola while commenting about the new development, he said, “The CBN’s nod 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.”
“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.”
Also See: Paylater Launches PayVest, a Service That Allow User to Invest And Earn 15% Interest
Flutterwave was established in 2016, it allows businesses to make and accept payments anywhere in Africa. It was also featured alongside two other start-ups at the last Microsoft 4Afrika event two weeks ago.
More Tech Stories:
- Central Bank of Kenya to Initiate Tougher Rules On a Mostly Unregulated Digital Lending Platform
- Microsoft Unveils Tech Start-ups with Social Impact
- Paylater Launches PayVest, a Service That Allow User to Invest And Earn 15% Interest
- Applications are now open for Innov8Agric Challenge, Kenya
- Google Cloud-Computing Service Goes Down