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Flutterwave Now Authorized to Manage International Remittances in Malawi

Flutterwave, a payments technology business, has been officially approved to enable foreign remittances in Malawi.

The International Money Transfer Operator (IMTO) license, which was issued on Thursday, October 19, represents a significant step forward for Flutterwave in its efforts to improve financial services in the region.

According to the most recent World Bank projections, global remittances are expected to increase by 1.4% to $656 billion in 2023, positioning Flutterwave as a vital participant in determining the future of international money transfers. Millions of Malawians and Africans living abroad would benefit from this service, which will allow them to send money back home in an efficient and secure manner.

Flutterwave’s IMTO license allows it to process remittances from Malawians and other Africans, which has the potential to have a large economic impact. The action is expected to enhance economic growth, stabilize currency rates, encourage investments in critical infrastructure development, and create job opportunities in the region while helping small companies.

Flutterwave’s revolutionary cross-border remittance solution, Send App, is likely to improve how Malawians handle international money transfers. Malawians can now take advantage of a variety of advantages, including competitive exchange rates, quick money transfers, user-friendly mobile and web platforms, the ability to transact in 150 currencies, and round-the-clock customer service. The platform also assures the greatest levels of security and compliance, protecting users from fraud, scams, and other financial dangers involved 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 demonstrates Flutterwave’s commitment to regulatory compliance, transparency, and client pleasure. It also reflects the Reserve Bank of Malawi’s clear objective of expanding financial inclusion and the digital economy. Customers can now expect a smooth and dependable experience while using Flutterwave’s services, which is a significant step toward a more connected and financially inclusive Malawi.

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