Flutterwave, a payments infrastructure company, has gotten approval from the Central Bank of Nigeria for the use of the Unstructured Supplementary Service Data (USSD) technology for its product.
The tech firm said the USSD is an addition to other payment channels it already offered and affirm the firm's commitment to staying true to its promise to provide modern payment infrastructure that would empower Africans.
Dayo Okesola, Head, USSD Product Engineering, said the company was excited about the new payment solution.
“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.”
It was also featured alongside two other startups at the last Microsoft 4Afrika event two weeks ago.
At the event, Azeez Oluwafemi, Vice President of Product Engineering at Flutterwave highlighted startup’s ability to give Nigerian creatives the opportunity to receive payment from outside the country with ease.
Also from Business Insider Sub-Sahara Africa: