Flutterwave Secures Authorization for International Remittances in Malawi

Published 5 months ago

Flutterwave, a leading African payments technology company, has been granted an International Money Transfer Operator (IMTO) license to operate in Malawi. This license will enable the company to process international remittances, providing Malawians and other Africans abroad with a way to send money back home.

Growth in Global Remittances

With World Bank forecasts indicating a 1.4% increase in global remittances to $656 billion in 2023, Flutterwave’s entry into the Malawian market is timely. The availability of a robust remittance service is expected to contribute to the country’s economic growth, help stabilize the exchange rate, and support infrastructure development. Additionally, it could lead to job creation and provide much-needed support for small businesses.

Enhanced Remittance Services for Malawi

Flutterwave’s Send App offers Malawians a range of benefits for international money transfers, including competitive exchange rates and faster transactions. The platform is designed to be user-friendly, available on both mobile and web, and provides the ability to transact in 150 currencies. To ensure customer protection, Flutterwave offers 24/7 customer support and adheres to strict security and compliance standards.

A Commitment to Seamless Financial Services

Olugbenga ‘GB’ Agboola, the CEO of Flutterwave, emphasized the company’s commitment to simplifying global financial processes for individuals and businesses. He expressed gratitude to the Reserve Bank of Malawi for its trust and highlighted the company’s focus on customer satisfaction and financial service excellence.

The Reserve Bank of Malawi’s decision to grant this license illustrates its dedication to enhancing financial inclusion and advancing the digital economy. Customers can expect a reliable and frictionless experience when using Flutterwave’s services for their international money transfer needs.