Flutterwave Obtains IMTO Licence in Malawi

Nigerian leading fintech firm Flutterwave recently announced that it has obtained an International Money Transfer Operator (IMTO) licence from the Reserve Bank of Malawi to further assist its international remittances in the country. 

This was disclosed by the CEO/Founder of Flutterwave, Olugbenga Agboola, in a statement on Thursday. According to his statement, the International Money Transfer Operator (IMTO) licence was given to the firm on Thursday, October 19, and will enable the payments company to process remittances from Malawians and other Africans sending money back home.

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 overseas. The issuance of the IMTO license will position Flutterwave to push remittances into Malawi, which will boost economic growth, stabilizing the exchange rate, enable investments in infrastructure development, and create jobs and support for small businesses.

Future of Flutterwave Remittance

Flutterwave announced that the cross-border remittance solution, Send App, will assist Malawians in accessing benefits such as faster money transfers, competitive exchange rates, user-friendly mobile and web platforms, and access to transact in 150 currencies.

The platform will also be providing 24/7 customer support, and this will follow strict adherence to security and compliance standards that aim at protecting customers from scams, fraud, and other financial risks that affect international money transfers.

Speaking on the license, the Founder and CEO of Flutterwave,  Olugbenga ‘GB’ Agboola, said:

• At Flutterwave, we understand our critical role 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.

Nairametrics reported that the international remittance license supports Flutterwave’s dedication to upholding regulatory compliance, and transparency, and ensuring customer satisfaction.

However, it shows the Reserve Bank of Malawi’s commitment to building robust financial inclusion and setting the country's digital economy forward.

In August, Flutterwave announced the launch of its Send Mobile product, which is now the Send App, to facilitate easier, faster, and more affordable money transfers from people who live in the Diaspora to their families, friends, and loved ones in Africa.

Additionally, Send App supports transfers from the US and Canada, and it has also added new African countries to its network, namely, Egypt and Sénégal.

Since its launch in 2021, the company said the app has assisted in providing a fast, secure, and transparent way for Africans living overseas to connect with their home by sending money.