San Francisco and Lagos-based fintech giant Flutterwave, led by Nigerian billionaire Olugbenga Agboola, announced today the successful acquisition of an International Money Transfer Operator (IMTO) license in Malawi.
The pivotal development, officially authorized on Oct. 19, positions Flutterwave as a key player in facilitating international remittances for Malawians and other Africans abroad, further strengthening its position as Africa’s leading payments and technology company.
Agboola, founder and CEO of Flutterwave, expressed gratitude to the Reserve Bank of Malawi, stating, “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.”
Flutterwave’s fintech mastery: Guaranteeing seamless and reliable transactions
The issuance of the international remittance license underscores Flutterwave’s commitment to regulatory compliance, transparency, and customer satisfaction. It mirrors the Reserve Bank of Malawi’s dedication to advancing financial inclusion and propelling the digital economy forward.
Users can expect a seamless and reliable experience, cementing Flutterwave’s role as a key player in the financial landscape of Malawi.
With global remittances expected to grow 1.4 percent to $656 billion in 2023, Flutterwave’s strategic move aligns with the increasing need for efficient cross-border transactions. The IMTO license is anticipated to catalyze economic growth, stabilize exchange rates, foster infrastructure development, and contribute to job creation and small business support.
Agboola’s Flutterwave soars: Secures global investments and partnerships
Flutterwave, founded in 2016, has rapidly gained prominence in the fintech sector under the leadership of Agboola. The company has secured investments from renowned venture capital firms like Tiger Global Management LLC and forged strategic partnerships with industry giants such as Alibaba’s Alipay, Uber Technologies Inc., Audiomack, and Netflix Inc.
This year, Flutterwave expanded its presence into Rwanda and Egypt, marking a significant stride toward realizing its mission of revolutionizing Africa’s payments landscape. The company recently forged a partnership with IndusInd Bank Ltd., a leading Indian financial services provider.
In a display of confidence in Africa’s potential, Flutterwave unveiled plans to invest $50 million in the Kenyan market, signaling its commitment to securing an operating license in the country. These developments align seamlessly with Flutterwave’s vision to redefine Africa’s payment landscape and extend its reach into international markets.
