One of Africa’s leading payments technology companies, Flutterwave, has announced the acquisition of money transfer licenses for 13 U.S. states to enable faster, more affordable, and secure transfer of money from the United States to Africa and back. The states include Arizona, Arkansas, Maryland, Michigan, Delaware, Georgia, Maine, Mississippi, Missouri, New Hampshire, Iowa, North Dakota, and South Dakota.
State regulators issue money transfer licenses to allow financial technology companies to engage in the transmission of money. These licenses enable Flutterwave’s solutions like Send App, which facilitates money transfer between the U.S. and Africa, and enterprises that use Flutterwave for last-mile payout globally.
“Getting these licenses expands our regulatory footprint, demonstrates our ability to deliver services with safety and soundness, and fosters the trust of regulators, partners and customers,” said Stephen Cheng, Executive Vice President of Global Expansion and Partnerships at Flutterwave. “We’re growing and are committed to servicing customer needs in as many geographies as possible with a significant African diaspora”, Cheng added.
For many Africans in the diaspora, sending money between the U.S. and Africa can be challenging. As such, the latest licences will ensure Africans across the 13 U.S. states can look to Flutterwave’s super remittance app Send App to send money worldwide.
“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”, said Olugbenga Agboola, Founder and CEO at Flutterwave.
