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Flutterwave, the leading payments technology company in Africa, has successfully obtained money transfer licenses for 13 U.S. states, enhancing the speed, affordability, and security of cross-border money transfers between the United States and Africa.
The newly acquired licenses cover states such as Arizona, Arkansas, Maryland, Michigan, Delaware, Georgia, Maine, Mississippi, Missouri, New Hampshire, Iowa, North Dakota, and South Dakota. Coupled with its existing partnership with a licensed financial institution, Flutterwave can now cater to customers in a total of 29 states in the U.S.
These money transfer licenses, granted by state regulators, empower financial technology companies to engage in secure money transmission activities. Flutterwave leverages these licenses to enhance its solutions, including the Send App, which facilitates seamless money transfers between the U.S. and Africa. Additionally, enterprises utilizing Flutterwave for global last-mile payouts benefit from these licenses.
Stephen Cheng, Executive Vice President of Global Expansion and Partnerships at Flutterwave, expressed, “Acquiring these licenses expands our regulatory reach, underscores our capability to deliver services securely, and builds trust among regulators, partners, and customers. As we grow, our commitment is to meet customer needs across as many geographies as possible, particularly within the significant African diaspora.”
The licenses align with Flutterwave’s dedication to collaborating with regulators globally, adhering to their standards, and ensuring the safety of customer funds. The company emphasizes its ongoing efforts to create an environment rooted in safety and trust.
Given the challenges faced by the African diaspora in sending money between the U.S. and Africa, these licenses play a pivotal role in making Flutterwave’s Send App accessible to a wider audience. The Send App, recognized for its user-friendly interface, becomes a valuable tool for the African diaspora in the U.S., facilitating seamless money transfers to their desired destinations.
Olugbenga Agboola, Founder and CEO at Flutterwave, shared the company’s mission: “To connect Africa to the world and the world to Africa by simplifying payments for endless possibilities.” He highlighted, “These licenses bring us one step closer to our vision, and we are dedicated to expanding this achievement to ensure coverage for all U.S. states and beyond.”
Flutterwave remains committed to offering accessible remittance services across the U.S. and has future plans for expanding its licensing coverage to better serve its growing customer base.
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