Flutterwave, Africa’s most valued startup, has received an International Money Transfer Operator (IMTO) license from the Reserve Bank of Malawi, enabling it to process international remittances via the Send App.
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.
Malawian citizens can now take advantage of a number of benefits offered by Flutterwave’s cross-border remittance solution, Send App, including competitive exchange rates, quicker money transfers, user-friendly mobile, and web platforms, the ability to transact in 150 currencies, round-the-clock customer support, and strict adherence to the highest security and compliance standards, which shields them from fraud, scams, and other financial risks connected with international money transfers.
The World Bank projects that worldwide remittances will reach $656 billion in 2023, growing 1.4% annually. With millions of Africans and Malawians employed outside, the IMTO license allows Flutterwave to power remittances into Malawi.
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 MalawiOlugbenga ‘GB’ Agboola, Founder and CEO, Flutterwave
The international remittance license demonstrates Flutterwave’s commitment to maintaining legal compliance, transparency, and customer satisfaction. It also reflects the Reserve Bank of Malawi’s unwavering dedication to promoting financial inclusion and advancing the digital economy. As such, clients using Flutterwave’s services can expect a streamlined and dependable experience.
In the upcoming months, Malawi is anticipated to expand its payments sector as it grants additional licenses to fintechs and other businesses wishing to establish operations there. A roster of more than twenty businesses that had received multiple licenses under the statute was released by the central bank on November 2. Flutterwave Reserve Bank Malawi
It appears Flutterwave will face some competition when it enters the Malawian market, despite the fact that the message did not state which of those had received the international money transfer license specifically.