Nigerian fintech unicorn, Flutterwave, has obtained an International Money Transfer Operator (IMTO) license from the Reserve Bank of Malawi to facilitate international remittances in the country.
Flutterwave’s founder, Olugbenga Agboola, disclosed this in a statement he shared on Thursday. According to him, the IMTO license was granted on Thursday, October 19, and will enable the payments company to process remittances from Malawians and other Africans sending money back home.
According to World Bank reports, global remittances are expected to grow 1.4% to $656 billion in 2023, and with millions of Malawians and Africans living and working abroad, the issuance of the IMTO license positions Flutterwave to effectively power remittances into Malawi, ultimately boosting economic growth, stabilizing the exchange rate, enabling investments in infrastructure development, and creating jobs and support for small businesses.
Remittance through the Send App
According to Flutterwave, through its cross-border remittance solution – Send App, Malawi residents can now access benefits that include competitive exchange rates, faster money transfer, user-friendly mobile and web platforms, and access to transact in 150 currencies.
It said the platform also provides 24/7 customer support and strict adherence to the highest security and compliance standards, which protects them from fraud, scams, and other financial risks associated with international money transfers.
Commenting on the license, Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, said:
- “At Flutterwave, we understand our critical role in enabling individuals and businesses to navigate the global financial terrain seamlessly. This expansion spotlights our dedication to customer satisfaction as we bring the world closer to their fingertips.
- “We are grateful to the Reserve Bank of Malawi for placing their trust in us. We look forward to this remarkable journey, and we remain committed to delivering the best possible financial services to the people of Malawi”
The international remittance license supports Flutterwave’s dedication to upholding regulatory compliance, and transparency and ensuring customer satisfaction.
Moreover, it mirrors the Reserve Bank of Malawi’s strong commitment to fostering financial inclusion and propelling the digital economy forward.
Consequently, customers can anticipate a seamless and reliable experience when utilizing Flutterwave’s services.
Flutterwave in August announced the enhancement of its Send Mobile product, now Send App, to facilitate faster, easier, and more affordable money transfers from people in the Diaspora to their families, friends, and loved ones in Africa.
Send App now supports transfers from the US and Canada and has added new recipient countries namely Egypt and Sénégal to its network.
Launched in 2021, the company said the app has been fulfilling its mission of providing a fast, transparent, and secure way for the Africans Diaspora to bridge the distance, strengthen the bonds and connect with home.
