Flutterwave, Africa’s leading payments technology company, today announced that it has obtained an International Money Transfer Operator (IMTO) license from the Reserve Bank of Malawi. This license will enable Flutterwave to facilitate international remittances into Malawi, making it easier and more affordable for Malawians and other Africans living abroad to send money back home.
The IMTO license was granted on October 19, 2023, and it is a significant milestone for Flutterwave as it expands its reach into new markets and strengthens its commitment to providing world-class financial services to Africans.
According to World Bank reports, global remittances are expected to grow 1.4% to $656 billion in 2023. With millions of Malawians and Africans living and working abroad, the issuance of the IMTO license positions Flutterwave to power remittances into Malawi effectively. This will ultimately boost economic growth, stabilize the exchange rate, enable investments in infrastructure development, and create jobs and support for small businesses.
Through Flutterwave’s cross-border remittance solution, Send App, residents in Malawi can now access benefits that include:
- Competitive exchange rates
- Faster money transfer
- User-friendly mobile and web platforms
- Access to transact in 150 currencies
- 24/7 customer support
- Strict adherence to the highest security and compliance standards
Commenting on the license, Flutterwave Founder and CEO Olugbenga ‘GB’ Agboola said:
“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 Malawi.”
The international remittance license supports Flutterwave’s dedication to upholding regulatory compliance, transparency, and ensuring customer satisfaction. Additionally, it mirrors the Reserve Bank of Malawi’s strong commitment to fostering financial inclusion and propelling the digital economy forward.
With the issuance of this license, Flutterwave customers can anticipate a seamless and reliable experience when utilizing its services to send money to Malawi.