In a significant development, Flutterwave, the leading payments technology company in Africa, disclosed today that it has officially been granted the authority to facilitate international remittances in Malawi. The coveted International Money Transfer Operator (IMTO) license, sanctioned on Thursday, October 19, empowers Flutterwave to process remittances from Malawians and other Africans sending funds back to their home countries.
Citing projections from the World Bank, which anticipate a 1.4% growth in global remittances to reach $656 billion in 2023, Flutterwave is strategically positioned with the IMTO license to drive remittances into Malawi. This move is poised to have a positive impact on economic growth, currency stability, investments in infrastructure development, and the generation of employment opportunities, as well as providing support for small businesses.
Through Flutterwave’s cross-border remittance solution, the Send App, residents in Malawi can now enjoy various benefits, including competitive exchange rates, expedited money transfers, user-friendly mobile and web platforms, access to transactions in 150 currencies, 24/7 customer support, and strict adherence to the highest security and compliance standards. These measures safeguard users from fraud, scams, and other financial risks commonly associated with international money transfers.
Expressing gratitude for the granted license, Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, stated, “At Flutterwave, we comprehend the pivotal role we play in facilitating seamless navigation of the global financial landscape for individuals and businesses alike. This expansion underscores our commitment to customer satisfaction, bringing the world closer to their fingertips. We extend our appreciation to the Reserve Bank of Malawi for entrusting us with this
responsibility, and we eagerly anticipate this remarkable journey while remaining dedicated to delivering the best possible financial services to the people of Malawi.”
The international remittance license not only reinforces Flutterwave’s commitment to regulatory compliance, transparency, and customer satisfaction but also mirrors the Reserve Bank of Malawi’s steadfast dedication to promoting financial inclusion and propelling the digital economy forward. As a result, customers can expect a smooth and reliable experience when utilizing Flutterwave’s services.
