- Flutterwave has announced the commercial launch of its remittance product, Send App, in Malawi, an East African country.
- This will allow customers to continue using Send App to facilitate cross-border money transfers into the country.
- The launch comes ten months after the fintech received an International Money Transfer Operators (IMTO) licence from the Reserve Bank of Malawi.
Send App by Flutterwave, which was rebranded in August 2023, offers customers the ability to receive money through both mobile apps and web devices.
Following the launch, residents in Malawi can benefit from features, including competitive exchange rates, money transfers in 150 currencies, and access to the global security standards used by Flutterwave to protect data and funds, the fintech stated. Moreover, the PayPal-Flutterwave integration covers merchants in countries including Malawi.
The IMTO licence, announced in November 2023 but granted in October 2023, allows Flutterwave to process remittances for Malawian residents and diaspora communities sending money home.
At the time of receiving the licence, Olugbenga ‘GB’ Agboola, founder and CEO of Flutterwave, stated that it would enable Malawians abroad to send money back home seamlessly through Send App.
Now that the app has launched commercially, he reiterated Flutterwave's commitment to providing value where it is most needed, emphasising that Send App positions the fintech to better support Malawians receiving money from the diaspora.
The founder also noted that Flutterwave will continue to innovate, aiming to make Send App available to as many people as possible across the African continent.
On the launch, Lumbani Gondwe, Country Manager for Malawi, stated, “With complete bank coverage and other integrations such as expanding our delivery options to include Mobile Money and Cash Pickup actively underway, we are ready to facilitate affordable, quick, secure, and seamless international money transfers for Malawians at home and abroad.”
Entering Malawi allows Flutterwave to tap into its digital payments market, where the total transaction value is projected to reach $3.52 billion in 2024 and $6.87 billion by 2028.
In other news, Flutterwave expanded into another East African country, Uganda, securing a Payment Systems Operator (PSO) licence from the Bank of Uganda in August 2024. With the licence, businesses in Uganda can make single and bulk transactions, and Ugandans in the diaspora can send money to their families back home.
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