Africa’s largest financial technology company, Flutterwave has extended its footprint in Africa with the acquisition of an International…
Africa’s largest financial technology company, Flutterwave has extended its footprint in Africa with the acquisition of an International Money Transfer Operator (IMTO) license in Malawi. The development was announced in a company blogpost and by CEO and Co-founder, Gbenga Agboola on his Twitter handle.
This follows a series of expansion drives that have seen the company expand into new markets across the African continent. This feat, according to Agboola, is ultimately the mission of the company.
“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.
The CEO said the team remains committed to providing the best experience for its customers and the people of Malawi, home and abroad, can expect no less. He also expressed gratitude to the Reserve Bank of Malawi for placing their trust in the fintech while also looking forward to this amazing journey, delivering the best possible financial services to the people of Malawi.
Flutterwave’s African and Global expansion
According to World Bank reports, global remittances are expected to grow 1.4% to $656 billion in 2023 and Flutterwave is positioning itself to play a major role in this growth, in Africa and indeed across the globe. In March, the company announced its entry into North Africa with the acquisition of Payment Services Provider and Payments Facilitator licences in Egypt.
The licenses will enable Flutterwave to act as an official payment service provider in the country, collect payments on behalf of its customers and settle payments locally and globally. These licences will allow Flutterwave to deploy Flutterwave for a Business suite of products including store, payment links, invoices, and checkout in Egypt.
In September, the company made its debut into the Asian market when it expanded into India. The expansion was made possible through a partnership with IndusInd Bank. According to Bloomberg, this expansion into the second-largest market in Asia makes Flutterwave the first African company to scale up remittances from India to Africa, streamlining the process for users.
Africa’s largest payment company would complete its audacious expansion in August when it expanded its payment capabilities into the United States and Canada in what has since been termed Flutterwave’s summer of international growth.
“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,” Agboola said.
As of March of this year, it had processed 100 million payments totalling nearly $20 billion across some 33 African countries.
See also: Flutterwave launches Swap, a digital platform for Bureau de Change in Nigeria