Reserve Bank of Malawi Grants Flutterwave License to Process International Transactions
SAN FRANCISCO, and LILONGWE, Malawi, Nov. 9, 2023 /PRNewswire/ -- Flutterwave, Africa's leading payments technology company, has announced today that it has obtained official authorization to facilitate international remittances in Malawi. The International Money Transfer Operator (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 exchange rate, enabling investments in infrastructure development, and creating jobs and support for small businesses.
Through Flutterwave's cross-border remittance solution – Send App, residents in Malawi 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, 24/7 customer support, and a 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, Flutterwave, said:
"At Flutterwave, we understand the critical role we play 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, 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.
About Flutterwave
Flutterwave is the leading payments technology company that enables businesses across the world to expand their operations in Africa and other emerging markets through a platform that enables local and cross-border transactions via one Application Programming Interface (API). Flutterwave has processed over 550M transactions in excess of USD $32B and serves more than 2,000,000 businesses, including customers such as Uber, Airpeace, Bamboo, PiggyVest, and others. The company's key advantage is connecting businesses to various local and international payment types to enable them to expand globally. It also enables cross-border transactions from the diaspora to African countries via its SendApp product. Flutterwave processes payments via multiple payment modes, including local and international cards, mobile wallets, bank transfers, and Google Pay. The company has an infrastructure reach in 34 African countries. For more information on Flutterwave's journey, please visit www.flutterwave.com.
SOURCE Flutterwave
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