Payment company gets CBN approval for USSD

Nigeria’s leading payment technology company, Flutterwave, has received a nod from the APEX Bank for its Unstructured Supplementary Service Data (USSD) technology product.

According to an official company statement, the Central Bank of Nigeria has granted approval for this solution. The USSD service will enable its enterprise and retail customers layer their products on this infrastructure.

Commenting on the recent innovation, Head, USSD product Engineering, 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”. 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.

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.

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