The African fintech sector has reached a new milestone with the announcement that Flutterwave, the company led by Nigerian billionaire Olugbenga Agboola, has obtained an International Money Transfer Operator (IMTO) license in Malawi. This decision by the Reserve Bank of Malawi, made official on October 19, paves the way for smoother global transactions, strengthening Flutterwave’s position as a key player in payments and technology in Africa.
Based in San Francisco and Lagos, Flutterwave is establishing itself as a financial technology giant, highlighting its commitment to customer satisfaction and transparency. Founder and CEO Olugbenga Agboola expresses his gratitude to the Reserve Bank of Malawi, highlighting Flutterwave’s critical role in enabling individuals and businesses to seamlessly navigate the global financial landscape.
This strategic expansion reflects Flutterwave’s commitment to regulatory compliance, transparency and customer satisfaction. The IMTO license issued by the Reserve Bank of Malawi is an important step in promoting financial inclusion and advancing the digital economy in the region.
Users can now anticipate a seamless and reliable experience, strengthening Flutterwave’s position as a key player in Malawi’s financial landscape. As global remittances are expected to increase, this strategic move aligns perfectly with the growing need for efficient cross-border transactions.
Beyond the benefits for Flutterwave, this IMTO license is expected to catalyze economic growth in Malawi. By promoting exchange rate stability, infrastructure development, job creation and small business support, Flutterwave contributes significantly to the positive development of Malawi’s economy.