Flutterwave Expands US Licences by 140% to 34, Boosts Remittance Corridors

Flutterwave, a prominent payments technology company based in Africa, has relaunched its Send App across multiple US states following the acquisition of 20 additional Money Transmitter Licences (MTLs). This strategic move brings the company’s total direct licences to 34, a significant increase from 14 in 2023. This expansion allows Flutterwave to operate independently in a growing number of US states and territories, eliminating the need for intermediaries.

The expanded licencing enables users in various states, including Alaska, Arizona, Arkansas, Delaware, Idaho, Illinois, Indiana, Iowa, Louisiana, Maine, Minnesota, Mississippi, Missouri, Nebraska, New Hampshire, New Mexico, North Carolina, North Dakota, Oklahoma, Oregon, Puerto Rico, Rhode Island, South Carolina, South Dakota, Tennessee, Utah, Washington, West Virginia, Wisconsin, and Wyoming, to send money directly to Nigeria, Ghana, and Egypt. This development opens new remittance corridors, thereby strengthening financial connections between the US and key African markets.

Flutterwave has also streamlined the Send App’s onboarding process with a quick ID verification system, reducing barriers for new users. Additional enhancements include optimised support for US-issued Visa and Discover cards, bolstered security measures to ensure compliance and protect transactions, and improved in-app flows for a more seamless user experience. These updates reflect Flutterwave’s commitment to delivering a secure, efficient, and regulatory-compliant platform for its US-based customers.

Olugbenga Agboola, Flutterwave’s Founder and CEO, highlighted the significance of the relaunch, stating, “By expanding our reach and enhancing our services, we are empowering millions of Africans in the US to maintain strong financial ties with their home countries, support their families, and contribute to economic development across the continent. We remain dedicated to bridging Africa with the global economy.”

The relaunch builds on Flutterwave’s recent milestones. Earlier this year, the company integrated its Swap feature into the Send App, enabling seamless foreign exchange transactions. Flutterwave also secured approval from the Bank of Ghana to facilitate inward remittances, further strengthening its services in the region. The company recently launched licenced digital payment services in Cameroon, expanding its footprint in Africa.

The relaunch of the Send App with expanded US licences marks a pivotal step in Flutterwave’s global ambitions. The company strengthens its position as a leading player in the cross-border remittance market by securing 34 direct MTLs, particularly for African diaspora communities in the US. The ability to operate independently in multiple states enhances operational efficiency, reduces costs associated with intermediaries, and ensures compliance with stringent US regulations, which is critical for building trust with users and regulators alike.

The addition of new remittance corridors to Nigeria, Ghana, and Egypt taps into high-demand markets, where remittances play a significant role in economic development. Flutterwave is well-positioned to capture a larger share of this market by facilitating faster, more secure, and user-friendly transfers. The integration of Swap and the approval for inward remittances in Ghana further diversifies Flutterwave’s offerings, creating a more comprehensive financial ecosystem. However, the company faces competition from global players and regional fintech platforms.