REGULATION | Malawi Reserve Bank Grants International Money Transfer License to Flutterwave

Flutterwave, a Nigerian payments technology company, has received official authorization to facilitate international remittances in Malawi, the company announced in a blog post.

The International Money Transfer Operator (IMTO) license was granted to Flutterwave in mid-October 2023 by the Reserve Bank of Malawi. This authorization will allow the payments company to handle remittances from Malawians and other Africans sending money back home.

As a result, local and diaspora Malawians can now use Flutterwave’s cross-border remittance solution, Send App, to conduct international payments through a respected platform that is one of Africa’s few unicorn companies.

According to CEO and Co-founder, Gbenga Agboola Gbenga, the company’s ultimate mission is to achieve such expansion and reach various regions.

“One thing that gets me excited is being able to say that we are helping Africans navigate the global financial terrain with our solutions at Flutterwave. Today, I’m pleased to announce that we have acquired the International Money Transfer Operator (IMTO) license in Malawi. With this license, we will be enabling Malawians abroad to send money back home seamlessly and without hassle through the Send App,” he said.

 Flutterwave CEO, Gbenga AgboolaFlutterwave, which is in the process of launching USDC payment settlements in a partnership with the Hedera blockchain, has been making a series of efforts to expand its technology and locations in 2023.

In early 2023, Flutterwave also secured two additional licenses:

• The Rwanda: Electronic Money Issuer and Remittance Licenses, in addition to its Payment Service Provider license, enabling the company to strengthen its operations in East Africa.
• The company also recently acquired a Payment Service Provider License in Egypt.

In September 2023, Flutterwave entered the Asian market with its debut in India, facilitated through a partnership with IndusInd Bank. This expansion makes Flutterwave the first African company to streamline remittances from India to Africa, marking a significant step into the second-largest market in Asia.