Nigerian leading fintech firm Flutterwave recently announced that it has obtained an International Money Transfer Operator (IMTO) licence from the Reserve Bank of Malawi to further assist its international remittances in the country.
This was disclosed by the CEO/Founder of Flutterwave, Olugbenga Agboola, in a statement on Thursday. According to his statement, the International Money Transfer Operator (IMTO) licence was given to the firm on Thursday, October 19, and will enable the payments company to process remittances from Malawians and other Africans sending money back home.
According to World Bank reports, global remittances are expected to grow 1.4% to $656 billion in 2023, with millions of Malawians and Africans living and working overseas. The issuance of the IMTO license will position Flutterwave to push remittances into Malawi, which will boost economic growth, stabilizing the exchange rate, enable investments in infrastructure development, and create jobs and support for small businesses.
Future of Flutterwave Remittance
Flutterwave announced that the cross-border remittance solution, Send App, will assist Malawians in accessing benefits such as faster money transfers, competitive exchange rates, user-friendly mobile and web platforms, and access to transact in 150 currencies.The platform will also be providing 24/7 customer support, and this will follow strict adherence to security and compliance standards that aim at protecting customers from scams, fraud, and other financial risks that affect international money transfers.
Read more: https://www.investingport.com/flutterwave-obtains-imto-licence-in-malawi/