Flutterwave gets license to process international transfers in Malawi

Points clés à retenir

Flutterwave's entry into the Malawian market for international remittances is timely, considering the significant diaspora population from Malawi, which has exceeded 200,000 people. This represents an opportunity for the African payments company, especially as the international remittances market in Malawi has seen remarkable growth, surging by 300% since 2016 and now constituting 2% of the country's $13.2 billion GDP, as reported by the World Bank. With Malawi's national currency facing depreciation, there is an expectation that these remittance figures will continue to rise, particularly in the context of increased migration from Malawi and other African nations. Afrobarometer reports that approximately 28% of the country's adult population is seriously considering relocating abroad, indicating a potential uptick in remittance flows. This week, Malawi's central bank devalued the national currency by 30%, citing "supply-demand imbalances in the currency market and arbitrage opportunities" as reasons for the move. This economic context further underscores the relevance and importance of services like those provided by Flutterwave in facilitating international remittances.