Flutterwave has commercially launched its remittance product, Send App, in Malawi, enabling customers to facilitate cross-border money transfers into the East African country.
The launch follows the fintech’s receipt of an International Money Transfer Operators (IMTO) licence from the Reserve Bank of Malawi in October 2023, which was announced in November 2023. The licence allows Flutterwave to process remittances for Malawian residents and diaspora communities sending money home.
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.”
The launch allows Flutterwave to tap into Malawi’s digital payments market, projected to reach $3.52 billion in 2024 and $6.87 billion by 2028. Additionally, Flutterwave expanded into Uganda in August 2024, securing a Payment Systems Operator (PSO) licence from the Bank of Uganda. This enables businesses in Uganda to make single and bulk transactions, and Ugandans in the diaspora to send money to their families back home.
Key features of the Send App include competitive exchange rates, money transfers in 150 currencies, and access to global security standards for data and fund protection. The PayPal-Flutterwave integration also benefits merchants in Malawi and other countries.
The launch aims to enhance financial inclusion and facilitate seamless money transfers for residents in Malawi.
