Flutterwave, the Nigerian fintech unicorn, has achieved a significant milestone by securing an International Money Transfer Operator (IMTO) license from the Reserve Bank of Malawi. This development, as announced by Flutterwave’s founder, Olugbenga Agboola, on Thursday, October 19, opens up new avenues for the company to facilitate international remittances in the country.
The IMTO license marks a strategic move for Flutterwave, positioning it to process remittances not only from Malawians but also from other Africans residing abroad. This is particularly crucial in light of global remittance trends, with World Bank reports projecting a 1.4% growth to $656 billion in 2023. With millions of Malawians and Africans working and living outside their home countries, Flutterwave’s IMTO license is poised to play a pivotal role in powering remittances into Malawi.
The implications of this development extend beyond the immediate facilitation of fund transfers. The influx of remittances is expected to contribute to economic growth, stabilize exchange rates, foster investments in infrastructure development, and provide support for small businesses, thereby creating job opportunities.
Flutterwave’s cross-border remittance solution, the Send App, stands at the forefront of this initiative. Malawi residents can now benefit from a range of advantages, including competitive exchange rates, expedited money transfers, user-friendly mobile and web platforms, and the ability to transact in 150 currencies. The platform also emphasizes customer satisfaction through 24/7 support and adherence to stringent security and compliance standards, guarding users against fraud, scams, and other financial risks associated with international money transfers.
Olugbenga ‘GB’ Agboola, the Founder and CEO of Flutterwave, expressed gratitude to the Reserve Bank of Malawi for instilling trust in the company. He highlighted Flutterwave’s commitment to delivering top-notch financial services to the people of Malawi, emphasizing the role of the company in connecting individuals and businesses seamlessly in the global financial landscape.
The acquisition of the international remittance license aligns with Flutterwave’s broader commitment to regulatory compliance, transparency, and ensuring customer satisfaction. It mirrors the Reserve Bank of Malawi’s dedication to promoting financial inclusion and advancing the digital economy. As a result, customers can expect a seamless and reliable experience when utilizing Flutterwave’s services for international remittances.
Building on its earlier announcement in August, Flutterwave has continued to enhance its Send Mobile product, now rebranded as the Send App. This upgrade aims to facilitate faster, easier, and more affordable money transfers from individuals in the Diaspora to their families, friends, and loved ones in Africa. The app now supports transfers from the US and Canada, with the inclusion of new recipient countries, namely Egypt and Sénégal, in its network.
Since its launch in 2021, the Send App has been instrumental in fulfilling its mission of providing a fast, transparent, and secure means for the African Diaspora to bridge distances, strengthen bonds, and connect with their home countries. The continuous expansion and improvement of Flutterwave’s remittance solutions underscore its commitment to innovation and meeting the evolving needs of its diverse user base.
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