Flutterwave has secured licences for its cross-border payment services in the U.S., marking a significant step in the company’s commitment to regulatory compliance and customer fund safety.
This development follows fintech’s recent expansion into the U.S. market.
Stephen Cheng, executive vice president for global expansion and partnerships at Flutterwave said: “Getting these licences expands our regulatory footprint, demonstrates our ability to deliver services with safety and soundness, and fosters trust of regulators, partners and customers,”
Flutterwave, addressing past regulatory challenges, has been proactively obtaining licences related to remittance, including an International Money Transfer Operator (IMTO) licence from the Reserve Bank of Malawi.
The company has also partnered with IndusInd, the sixth-largest bank in India, and acquired similar licences in Rwanda. Flutterwave’s CEO, Olugbenga Agboola, emphasised the importance of remittance flows as a crucial source of external finance for African countries.
He expressed the company’s mission to connect Africa globally and highlighted the licences as a step closer to achieving this vision, with plans for further expansion in the U.S. and beyond.
Some of the states include Arizona, Arkansas, Maryland, Michigan, Delaware, Georgia, Maine, Mississippi, Missouri, New Hampshire, Iowa, North Dakota, and South Dakota.
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