FinanceNews Update

Flutterwave acquires money transfer licenses in 13 US states, now operates in 29 states

Flutterwave, the foremost payments technology company in Africa, has proudly declared its acquisition of money transfer licenses for 13 U.S. states. This strategic move is poised to revolutionize the landscape of international money transfers, ensuring faster, more cost-effective, and secure transactions between the United States and Africa.

The acquired licenses span across a range of states, including Arizona, Arkansas, Maryland, Michigan, Delaware, Georgia, Maine, Mississippi, Missouri, New Hampshire, Iowa, North Dakota, and South Dakota. This significant expansion complements Flutterwave’s existing partnership with a licensed financial institution, amplifying its capability to serve a broader market in the United States.

The announcement of this milestone was made by Olugbenga Agboola, the CEO, and co-founder of Flutterwave, via his official social media account. Expressing enthusiasm, Agboola anticipates that the acquisition of money transfer licenses in these 13 states will facilitate quicker, more affordable, and highly secure transfers, benefitting both individual users of the Send App and enterprise clients utilizing Flutterwave’s global payout services.

“Our mission is to connect Africa to the world and the world to Africa by simplifying payments for endless possibilities,” stated Agboola. “These licenses move us one step closer to our vision, and we will continue to expand this feat to ensure coverage for all States in the U.S. and beyond.”

The expansion of Flutterwave’s operational footprint to 29 states in the U.S. is a testament to the company’s commitment to providing seamless and trustworthy financial solutions. Stephen Cheng, Executive Vice President of Global Expansion and Partnerships at Flutterwave, emphasized the importance of these licenses, emphasizing the company’s dedication to delivering services with utmost safety, meeting regulatory standards, and building trust among regulators, partners, and customers.

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Flutterwave’s Send App, designed for facilitating money transfers between the U.S. and Africa, becomes more accessible with this expansion. The licenses aim to address challenges faced by the African diaspora in sending money back home by providing a user-friendly platform for seamless remittances.

The acquisition of these licenses underscores Flutterwave’s dedication to navigating regulatory landscapes across various markets while prioritizing safety, compliance, and customer trust. This strategic move solidifies Flutterwave’s position as a key player in enabling smoother, more efficient financial transactions between the U.S. and Africa, aligning with its vision of simplifying global payments for boundless opportunities.

It’s noteworthy that Flutterwave recently achieved legal clearance, with the Kenyan High Court approving the Asset Recovery Agency’s motion to drop its final lawsuit. This development marks the end of Flutterwave’s legal entanglements in Kenya, reaffirming its commitment to operating with integrity and compliance.

Ibrahim Ismail

A passionate and highly skilled individual who has seamlessly blended the worlds of statistics, technology, and finance.

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