Skip to content Skip to sidebar Skip to footer

REGULATION | Flutterwave Receives International Money Transfer License from Malawi Reserve Bank

Regional and dispersed Malawians can now conduct foreign payments through a reputable platform that is one of Africa’s few unicorn firms by using Flutterwave’s cross-border remittance solution, Send App.

According to a og post by the Nigerian payments technology startup Flutterwave, it has been officially authorized to enable foreign remittances in Malawi.

The Reserve Bank of Malawi granted Flutterwave an International Money Transfer Operator (IMTO) license in mid-October 2023. The payments provider will be able to handle remittances from Malawians and other Africans who are sending money home thanks to this authorization.

Because of this, Malawians living in Malawi and those living abroad may now send money internationally through a reputable platform that is one of the few unicorn firms in Africa by using Flutterwave’s cross-border remittance service, Send App.

The company’s ultimate goal, according to CEO and co-founder Gbenga Agboola Gbenga, is to accomplish this expansion and penetrate different regions.

“Being able to state that Flutterwave’s products are assisting Africans in navigating the global financial landscape excites me. With great pleasure, I inform today that we have obtained the Malawian International Money Transfer Operator (IMTO) license. With this license, we will make it possible for Malawians living overseas to use the transfer App to transfer money home easily and hassle-free,” he stated.

Flutterwave has been working hard to grow its technology and reach in 2023. The company is currently partnering with the Hedera blockchain to deliver USDC payment settlements.

Additionally, Flutterwave obtained two more licenses in the beginning of 2023:

The Rwanda: Electronic Money Issuer and Remittance Licenses, in addition to its Payment Service Provider license, enabling the company to strengthen its operations in East Africa.
The company also recently acquired a Payment Service Provider License in Egypt.

With the help of an alliance with IndusInd Bank, Flutterwave made its debut in India in September 2023, expanding into the Asian market. With this growth, Flutterwave enters the second-largest Asian market and becomes the first African company to simplify remittances from India to Africa.

Be the first to know

Get the best of all crypto news updates coming from Nigeria, Kenya, SA, Ghana, and across Africa

Show CommentsClose Comments

Leave a comment