Flutterwave, the African payments company, has secured a licence to process payments into Malawi, including remittances.
Malawi’s remittance market has grown exponentially since 2016, presenting a growth opportunity for the $3 billion-valued African fintech startup.
The International Money Transfer Operator license from the Reserve Bank of Malawi allows the company to process international payments from the Malawian diaspora into the country.
Over 200,000 Malawians work and reside outside the country, presenting an opportunity for Flutterwave to enter the international remittances market which has grown by 300% since 2016 and now represents 2% of the country’s $13.2 billion GDP, according to the World Bank.