Flutterwave, the most significant payments tech company in Africa, has secured money transfer licenses for 13 U.S. states.
It will make sending money from the U.S. to Africa faster, cheaper, and safer.
Arkansas, Maryland, Michigan, Delaware, Georgia, Maine, Mississippi, Missouri, New Hampshire, Iowa, North Dakota, and South Dakota are among the states that the company has recently secured licenses.
With this addition to its partnership with a licensed financial institution, Flutterwave will be able to serve customers in a much larger part of the US market.
The company’s CEO and co-founder, Olugbenga Agboola, shared the big news on his social media account. Since the company bought money transfer licenses in 13 more states, it can now do business in 29 more states across the United States.
Agboola’s post discussed his excitement about faster, cheaper, and safer transfers between the US and Africa. This would help both Send App users and business clients who use Flutterwave’s global payout services.
Founder and CEO of Flutterwave Olugbenga Agboola said, “Our goal is to connect Africa to the world and the world to Africa by making payments easier so that there are endless possibilities.”
“These licenses are a step toward our goal, and we will keep working to ensure that all 50 states and beyond are covered.”
Read also: Nairobi acquits Flutterwave of money laundering charges
More on the Flutterwave license and growth
Money transfer licenses, which state regulators give, allow fintech companies to send money safely, which makes the financial system more integrated.
Stephen Cheng, Flutterwave’s Executive Vice President of Global Expansion and Partnerships, stressed the importance of these licenses and the company’s commitment to safety, regulatory compliance, and customer trust.
“These licenses expand our regulatory footprint, demonstrate our ability to deliver safe and sound services, and build regulator, partner, and customer trust,” he says. We are growing and committed to serving customers in as many African diaspora-populated regions as possible.”
Flutterwave’s Send App, designed to facilitate money transfers between the US and Africa, becomes more accessible with this expansion. The licenses aim to address the challenges faced by the African diaspora in sending money back home by providing a user-friendly platform for seamless remittances.
Flutterwave obtains international money transfer license in Malawi.
Flutterwave’s Olugbenga Agboola reiterated its mission to simplify global payments for diverse possibilities. Celebrating the achievement,
“We provide reliable payment solutions that save time, money, and effort! I’m excited to see the massive opportunities that come from this next step.” According to Agboola.
These licenses demonstrate Flutterwave’s commitment to safety, compliance, and customer trust in diverse regulatory environments. Flutterwave’s vision of simplifying global payments for boundless opportunities is strengthened by this strategic move, which makes US-African financial transactions smoother and more efficient.
The Asset Recovery Agency (ARA)’s motion to drop its final lawsuit against the fintech company was granted by a Kenyan High Court, clearing it of money laundering and fraud charges.