The Reserve Bank of Malawi has approved Flutterwave’s participation as an International Money Transfer Operator (IMTO) in the country. According to a statement by the most valuable payment technology operator in Africa, the licence it received from the Malawian financial regulator will enable it process remittances from Malawians and other Africans sending money back home.
The payment operator, which is intensifying efforts to become a listed company as soon as possible, said operating in the remittance market in Malawi is strategic, as millions of the citizens living and working abroad now have an opportunity to send money to their loved ones and contribute to the country’s economic growth. Growth in remittance will also contribute to stabilising the exchange rate system, attract investments in infrastructure development, and create new jobs, while supporting businesses.
Flutterwave’s remittance operations in Malawi will be powered by its Send App solution. The solution provides access to competitive exchange rates, faster money transfer, user-friendly mobile and web platforms, and access to transact in 150 currencies, 24/7 customer support, and a strict adherence to the highest security and compliance standards, which protects them from fraud, scams, and other financial risks associated with international money transfers.
Olugbenga ‘GB’ Agboola, founder and CEO, Flutterwave, said the expansion spotlights the company’s dedication to customer satisfaction.
“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,” Agboola said.
Flutterwave currently has an infrastructure reach in 34 countries in Africa. It has so far processed over 550 million transactions in excess of $32 billion and serves more than 2 million businesses, including customers such as Uber, Airpeace, Bamboo, PiggyVest, and others. The company processes payments via multiple payment modes including local and international cards, mobile wallets, bank transfers, and Google Pay.