Payments technology company, Flutterwave has been officially authorized to facilitate international remittances in Malawi.
The International Money Transfer Operator (IMTO) license, granted on Thursday, October 19, is a big step forward for Flutterwave to enhance financial services in the region.
With global remittances projected to rise by 1.4% to $656 billion in 2023, according to the latest World Bank reports, this authorization positions Flutterwave as a key player in shaping the future of international money transfers. Millions of Malawians and Africans residing abroad will benefit from this service, enabling them to send money back home efficiently and securely.
Flutterwave’s IMTO license empowers the company to process remittances from Malawians and other Africans, promising significant economic impact. The move is expected to boost economic growth, stabilize exchange rates, facilitate investments in key infrastructure development, and create employment opportunities while supporting small businesses in the region.
The innovative cross-border remittance solution, Send App, introduced by Flutterwave, is set to bolster the way Malawians handle international money transfers. Residents in Malawi can now enjoy a range of benefits, including competitive exchange rates, swift money transfers, user-friendly mobile and web platforms, access to transact in 150 currencies, and round-the-clock customer support. The platform also ensures the highest security and compliance standards, safeguarding users from fraud, scams, and other financial risks associated with international money transfers.
Commenting on this achievement, Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, expressed his gratitude to the Reserve Bank of Malawi. He stated, “At Flutterwave, we recognize our pivotal role in facilitating seamless global financial transactions for individuals and businesses alike. This expansion showcases our unwavering commitment to customer satisfaction as we bring the world closer to their fingertips. We are thankful to the Reserve Bank of Malawi for their trust in us, and we are excited about the journey ahead. We remain steadfast in delivering top-notch financial services to the people of Malawi.”
This international remittance license reiterates Flutterwave’s dedication to upholding regulatory compliance, transparency, and ensuring customer satisfaction. It also mirrors the Reserve Bank of Malawi’s strong vision of advancing financial inclusion and taking the digital economy forward. Customers can now anticipate a seamless and reliable experience when utilizing Flutterwave’s services, marking a huge step toward a more connected and financially inclusive Malawi.
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