Flutterwave, the Africa-focused fintech firm, has obtained a switching and processing licence for electronic payments in Nigeria as it seeks to expand across the region.

The permit from Nigeria’s central bank allows Flutterwave to process fund transfers between banks and fintechs, handle card transactions, participate in agency banking, and engage in other payment services without an intermediary, it said in e-mailed statement.

The licence comes at at time when the Lagos- and San Francisco-based firm is planning an initial public offering on the Nasdaq while battling allegations of financial misconduct, including claims of money laundering in Kenya and irregularities related to stock options and bullying of staff in Nigeria, its biggest market.

Flutterwave, valued at more than US$3-billion (R52-billion) and backed by B Capital Group and Tiger Global Management, plans to use the funds raised during the IPO to expand operations in its existing markets and enter new ones in Africa.

Read: Flutterwave, valued at R50-billion, plans Nasdaq IPO despite troubles

This is “an important milestone in our growth story”, Oluwabankole Falade, Flutterwave’s chief regulatory and government affairs officer, said in the statement. “As a switch, we have more responsibilities and will continue to work with regulators to ensure we meet and exceed their expectations.” — Emele Onu, (c) 2022 Bloomberg LP