Flutterwave Secures IMTO License From Reserve Bank of Malawi to Process International Transactions
Nigerian Fintech unicorn, Fluttewave, has announced that it has obtained an International Money Transfer Operator (IMTO) license from the Reserve Bank of Malawi, to facilitate international transactions.
This license will see Flutterwave enable Malawians abroad to send money back home seamlessly and without hassle through the Send App.
The app also provides 24/7 customer support and strict adherence to the highest security and compliance standards, which protects them from fraud, scams, and other financial risks associated with international money transfers.
According to the World Bank, over 200,000 Malawians work and reside outside the country, presenting an opportunity for Flutterwave to enter the International remittances market which has grown by 300% since 2016.
Commenting on the license, Olugbenga ‘GB’ Agboola, Founder and CEO, of Flutterwave, said,
“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.
“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”.
Notably, the international remittance license supports Flutterwave’s dedication to upholding regulatory compliance, and transparency, and ensuring customer satisfaction.
Moreover, it mirrors the Reserve Bank of Malawi’s strong commitment to fostering financial inclusion and propelling the digital economy forward. Consequently, customers can anticipate a seamless and reliable experience when utilizing Flutterwave’s services.
