Flutterwave adds Nigeria's eNaira as payment option – Business Daily
Nigerian payments technology firm Flutterwave has added Nigeria’s digital currency eNaira as an option for its options as it moves to expand amid regulatory hurdles across Africa.
Flutterwave said Thursday that it has included Africa’s first digital currency backed by a government as a payment option for merchants who use they platform to settle payments.
“We… are confident that this number will grow further as we continue to innovate and expand,” Flutterwave said in a statement Wednesday.
eNaira is the first central bank-backed digital currency in Africa and it targeting eight million, mostly tech-savvy young Nigerians.
The move by Flutterwave is expected to boost adoption of the digital currency which has been slow since its launch last October.
The latest announcement comes on the back of plans by Africa’s most valuable unicorn to list on Nasdaq Stock Market in the United States despite regulatory hurdles.
The Lagos-based startup said last month that it is planning to list to raise funds for expansion in existing markets and enter new ones on the continent.
Fluttewave is also planning to start lending with the introduction of collateral-free digital loans to businesses later this year in Nigeria.
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