Flutterwave, Africa’s leading payments technology company, has announced its acquisition of money transfer licenses for 13 U.S. states to enable faster, more affordable, and more secure transfers of money from the United States to Africa and back.
The newly acquired licenses span across Arizona, Arkansas, Maryland, Michigan, Delaware, Georgia, Maine, Mississippi, Missouri, New Hampshire, Iowa, North Dakota, and South Dakota. This expansion supplements Flutterwave’s existing partnership with a licensed financial institution, significantly enhancing its capacity to cater to customers in a more extensive US market.
Olugbenga Agboola, CEO, and co-founder of the company announced the significant milestone through his official social media account. With the acquisition of the money transfer licenses in the 13 states, the company has now boosted its operational footprint to 29 states in the United States.
Agboola’s post expressed the anticipation of faster, cheaper, and highly secure transfers between the US and Africa, benefiting both Send App users 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,” said Olugbenga Agboola, Founder and CEO at Flutterwave.
“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.”
Read also: Kenyan court clears Flutterwave of money laundering charges as ARA withdraws last lawsuit
More on the Flutterwave license and expansion
Money transfer licenses, granted by state regulators, empower fintech companies to engage in secure money transmission activities, fostering a more seamless financial ecosystem.
Stephen Cheng, Executive Vice President of Global Expansion and Partnerships at Flutterwave, highlighted the significance of these licenses, emphasizing the company’s commitment to delivering services with utmost safety, meeting regulatory standards, and earning trust among regulators, partners, and customers.
He says:
“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. We are growing and are committed to servicing customer needs in as many geographies as possible with a significant African diaspora.”
Stephen Cheng
Flutterwave’s Send App, designed to facilitate money transfers between the US and Africa, becomes more accessible with this expansion. The licenses aim to address the challenges faced by the African diaspora in sending money back home by providing a user-friendly platform for seamless remittances.
Olugbenga Agboola reaffirmed Flutterwave’s overarching mission to bridge global payment gaps, simplifying transactions for diverse possibilities. Expressing enthusiasm for the accomplishment,
“We are focused on providing trustworthy solutions that bridge that payment gap while also saving time, money and effort! This is another step in that direction and I’m personally excited to see the massive opportunities that come from it.” Agboola added.
The acquisition of these licenses reflects 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 US and Africa, aligning with its vision of simplifying global payments for boundless opportunities.
The fintech company was recently cleared of allegations of money laundering and fraudulent activities, after a Kenyan High Court approved the Asset Recovery Agency’s (ARA) motion to drop its final lawsuit against it, bringing an end to the company’s legal entanglements in Kenya.
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