Skip to main content

Nigerian Fintech Flutterwave Secures Money Transfer Licenses in 13 US States

Nigerian Fintech Flutterwave Secures Money Transfer Licenses in 13 US States

The Nigerian fintech unicorn revealed on Dec.7 that it has obtained money transfer licenses in 13 U.S. states. Flutterwave’s partnership with a licensed financial institution also means that it can now serve customers in 29 states in the U.S. Flutterwave CEO suggested that the fintech hopes to expand its footprint in the country by securing more such licenses.

Flutterwave Serves Clients in 29 States

The Nigerian fintech unicorn, Flutterwave, recently announced that it has secured money transfer licenses in 13 U.S. states. The licenses enable Flutterwave users to enjoy faster, cheaper, and more secure transfer of money from the United States to Africa and back. Flutterwave’s partnership with a licensed financial institution also means that it can now serve customers in 29 states in the U.S.

According to Flutterwave’s Dec. 7 statement, the licenses obtained by the fintech not only enable its sending application but also enterprises that use its platform for last-mile payout globally.

Stephen Cheng, the executive VP for Global Expansion and Partnership, remarked on the fintech’s latest milestone, saying, “Getting these licenses expands our regulatory footprint, demonstrates our ability to deliver services with safety and soundness, and fosters trust of regulators, partners, and customers. We’re growing and are committed to servicing customer needs in as many geographies as possible with a significant African diaspora.”

Olugbenga Agboola, the founder and CEO at Flutterwave, said that getting licensed by U.S. regulators moves the fintech closer to its goal of connecting Africa to the world and vice versa by simplifying payments. Agboola also revealed that Flutterwave hopes to expand its footprint in the country by securing more such licenses.

In addition to receiving approvals from U.S. regulators, Flutterwave has been working with African regulators. This has culminated in the fintech getting approved by the Nigerian and Malawian central banks.

Register your email here to get a weekly update on African news sent to your inbox:

What are your thoughts on this story? Let us know what you think in the comments section below.



from Bitcoin News https://ift.tt/soE0Njy
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more