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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.

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