Nigerian fintech firm, Flutterwave, is set to capitalize on the anticipated $656 billion global remittances market in 2023, following its acquisition of an International Money Transfer Operator (IMTO) license from the Reserve Bank of Malawi. The license, obtained on October 19, enables the company to manage remittances from Africans living abroad.
The development is expected to stimulate economic growth in Malawi through job creation and infrastructure development. The company's Send App, which facilitates transactions in 150 currencies at competitive exchange rates and adheres to strict security standards, is poised to play a significant role in this endeavor.
CEO Olugbenga 'GB' Agboola reaffirmed Flutterwave's commitment to delivering superior financial services. He expressed optimism about the potential of international remittances to drive infrastructure development in Malawi.
The IMTO license marks a significant milestone for Flutterwave, positioning it as a key player in the burgeoning global remittances sector.
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