The largest financial technology business in Africa, Flutterwave, has bought an International Money Transfer Operator (IMTO) license in Malawi, giving it a more significant presence in the continent.
The change was written about on the company blog and by Gbenga Agboola, CEO and co-founder, on his Twitter account.
This comes after a string of efforts to grow the business that led to it entering new areas all over Africa. In the end, Agboola says, this is what the company wants to do.
An exciting thing for me is being able to say that Flutterwave’s solutions help Africans find their way around the world’s banking system. I’m happy to say that we now have a license to operate as an International Money Transfer Operator (IMTO) in Malawi. He said, “With this license, we will be able to make it easy for Malawians living abroad to send money back home through the Send App.”
The CEO said the team is devoted to giving clients the most incredible experience, and Malawians at home and abroad should anticipate that. He also thanked the Reserve Bank of Malawi for trusting the fintech and looked forward to this fantastic adventure to provide Malawians with the best financial services.
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Flutterwave’s global and African expansion
World Bank projections predict global remittances will expand 1.4% to $656 billion in 2023, and Flutterwave is poised to lead this expansion in Africa and beyond. The corporation entered North Africa in March by acquiring Egyptian Payment Services Provider and Facilitator licenses.
Flutterwave can accept and process payments locally and globally as an official payment service provider with the licenses. Flutterwave for a Business, including store, payment connections, invoicing, and checkout, can be deployed in Egypt with these licenses.
India was the company’s first Asian market entry in September. Our cooperation with IndusInd Bank enabled the expansion. Bloomberg reports that Flutterwave is the first African startup to scale up remittances from India to Africa, simplifying the procedure for users.
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In what has since been called “Flutterwave’s summer of international growth,” Africa’s biggest payment company would finish its risky expansion by allowing payments in the US and Canada in August.
As a company, Flutterwave knows how important it is to help people and companies easily navigate the world’s financial landscape. “This expansion shows how committed we are to making our customers happy by bringing the world closer to their fingertips,” Agboola reported.
According to March of this year, it had handled 100 million funds worth $20 billion in 33 African countries.