Aftermath of Kenya Court Case – What Next For Flutterwave?

‘Relief’ is the word to express the feeling of Nigerian Fintech firm, Flutterwave and its numerous well-wishers after Kenya’s Asset Recovery Agency, ARA, withdrew claims of wrongdoing against the company.

The agency last week dropped is financial impropriety charge against Flutterwave, ending several months of court hearings.

Flutterwave was charged to court in July last year on suspicions of card fraud and money laundering. Following the institution of the charges, the court froze the equivalent of about $50 million of the Fintech company’s funds in Kenyan banks.

At the time, the ARA said that Flutterwave’s bank accounts received billions in a suspected scheme of money laundering and the same deposited in different bank accounts in an attempt to conceal or disguise the nature, source, location, disposition or movement of the said funds.

Flutterwave denied wrongdoing and said that all the transactions in question were verifiable, saying that by facilitating payments for the biggest organizations in the world and everyday businesses, it process significantly large volumes of money and contribute to growing the economy in Kenya, and the rest of Africa.

Flutterwave is not the only Nigerian companies that had charges against it dropped by ARA, as four others, including Korapay, also had charges dropped against them.

Flutterwave has welcomed the action of ARA and it says the company looks forward to market expansion in Kenya.

Flutterwave Founder & CEO, Olugbenga Agboola said the company is pleased to have the matter resolved so they can resume work with their strategic partners in Kenya by providing innovative payment solutions to companies and individuals in one of Africa’s largest and most dynamic economies.

Olugbenga Agboola Flutterwave Founder & CEO

Agboola who is a Nigerian software engineer and entrepreneur, noted that, “The Fintech sector in Africa, with its new entrants and accelerated pace of growth attracts a considerable amount of scrutiny and at times, suspicion. Given our own rapid growth and status as a first mover, we anticipate and welcome the opportunity to be transparent about our operations and cooperate with regulators.”

He stated that the company is looking forward to continuing with its mission to simplify payments for endless possibilities in Kenya and will continue to be the payment partner of choice for any Kenyan business looking to start locally and grow globally and any foreign firm looking to expand their business in Kenya.

Flutterwave is a payments technology company founded in 2016 with the mission to simplify transactions to accelerate international commerce and economic growth in Africa. It has its headquarters in San Francisco, with operations in over 30 African countries.

The company is a major driver of commerce and economic growth in Africa, serving more than one million businesses and processing more than 400 million transactions worth over $25 billion since inception. It supports thousands of jobs in Kenya, including Uber drivers, food vendors and others that rely on the payment platform for their daily income.

Flutterwave serves as a technical software partner for banks and financial services providers and it uses Payment Account Attributes Inquiry, Foreign Exchange Rates and Visa Direct to bring the convenience of new features like digital payments to consumers across Africa and beyond.

 

SOURCE: LinkedIn

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