This week, African payment technology provider Flutterwave announced the expansion of its Send App service across 49 U.S. states through a partnership with MainStreet Bank, a subsidiary of MainStreet Bancshares Inc. (Nasdaq: MNSB and MNSBP). Texas isn’t included.
Flutterwave said Send App facilitates faster, easier, and more affordable money transfers from Africans in the diaspora to their families and friends back home. Other key features of Send App include real-time support and exchange rate updates, an activity section that tracks transactions in real-time, and a new voucher and referral code section.
Remittances to Africa have doubled over the last decade, reaching an estimated $100 billion in 2022, according to the United Nations, supporting the medical bills, education costs, and living expenses of an estimated 200 million Africans. Flutterwave said the importance and necessity of staying connected, no matter the distance, is a key driver of this expansion.
“As a customer-focused, tech-forward community bank, MainStreet Bank understands and prioritizes investment in communities, which makes it a great fit for Flutterwave’s goal to build bridges that connect Africa to the world,” said Olugbenga “GB” Agboola, founder and CEO of Flutterwave. “Our partnership with MainStreet Bank underscores our dedication to providing secure, regulatory compliant, and efficient financial solutions. This has further strengthened the safety and security of our customers’ funds and data, ensuring that Send App remains a reliable remittance solution that gives Africans in the diaspora peace of mind with every dollar they send back home.”
Flutterwave helps businesses across the world to expand their operations in Africa and other emerging markets by enabling local and cross-border transactions via one application programming interface (API). The company has an infrastructure reach in 34 African countries. Flutterwave has processed more than 630 million transactions in excess of $31 billion. It serves global and African customers like Uber, Air Peace, Bamboo, PiggyVest, and across various industries.
