Flutterwave, a Nigerian fintech startup, has received an International Money Transfer Operator license from the Reserve Bank of Malawi to allow international remittances in the country.
According to The Times, the founder of Flutterwave, Olugbenga Agboola, revealed this in a message he posted on Thursday.
He claimed that on Thursday, October 19, the IMTO license was approved, allowing the payments company to handle remittances from Malawians and other Africans who are sending money home.
The World Bank projects that worldwide remittances will reach $656 billion in 2023, representing a 1.4% growth. Given the large number of Africans and Malawians who live and work overseas, the IMTO license issuance enables Flutterwave to efficiently power remittances into Malawi, contributing to economic growth, exchange rate stability, infrastructure development, employment opportunities, and support for small businesses.
Residents of Malawi may now take advantage of features like competitive exchange rates, quicker money transfers, user-friendly mobile and online platforms, and the ability to transact in 150 currencies by using Flutterwave’s cross-border remittance service, Send App.
It stated that in addition to offering rigorous adherence to the highest security and compliance requirements and round-the-clock customer service, the platform shields users from fraud, scams, and other financial dangers related to international money transfers.
The founder and CEO of Flutterwave, Olugbenga “GB” Agboola, commented on the licence, saying: “At Flutterwave, we recognize our vital role in helping people and companies to easily traverse the worldwide financial landscape. As we put the world at their fingertips, this expansion demonstrates our commitment to client happiness.
“We are appreciative of the Reserve Bank of Malawi’s faith in us. We are eager to embark on this incredible journey and are steadfast in our commitment to providing Malawians with the greatest financial services available.”
The international remittance license demonstrates Flutterwave’s commitment to maintaining legal compliance, openness, and client pleasure.
It also reflects the Reserve Bank of Malawi’s unwavering dedication to promoting financial inclusion and advancing the digital economy.
As such, clients using Flutterwave’s services can count on a dependable and flawless experience.
In order to enable quicker, simpler, and more economical money transfers from those in the diaspora to their friends, family, and loved ones in Africa, Flutterwave announced in August that it was improving its Send Mobile product, which is now known as Send App.
Send App has expanded its recipient network to include Egypt and Senegal and now accepts transfers from the US and Canada.
Since its launch in 2021, the app, according to the firm, has been helping the African Diaspora connect with their home country, develop their relationships, and overcome distance.
