Gbenga Agboola-led Fintech Company, Flutterwave, has joined other Nigerian Fintechs cleared of financial impropriety in Kenya by withdrawing charges against the firm. The withdrawal of the charges was contained in a Kenyan High Court document and verified by Robert Gitau, a lawyer representing Flutterwave.
This development is coming at a time the multibillion company is engaged in a dialogue, preparatory to acquiring a leading British fintech company, Railsr, and expanding its operations.
Last year, a Kenyan court froze Flutterwave’s accounts and accused the biggest fintech firm in Africa of money laundering. The Nigerian firm is one of seven entities suspected to have been used as conduits for money laundering, credit card fraud in the guise of providing merchant services, according to the Kenyan authorities.
The Asset Recovery Agency (ARA) told the court that accounts belonging to seven targeted companies were used for money laundering in the guise of providing merchant services. The court restricted access to Sh6.2 billion, ($59.2 million) in 62 bank accounts owned by Flutterwave.
An additional sum of $3.3 million was also frozen two months later by the Kenyan court which belonged to the financial technology firm. The Central Bank of Kenya (CBK) also released a circular to all financial institutions in partnership with Flutterwave to cease working with the fintech company. According to the CBK Governor, Patrick Njoroge, during a Monetary Policy Committee (MPC) meeting, he stated that the company was not licensed to operate in Kenya.
Following reports that its accounts had been frozen, the company, in a statement, said the financial improprieties attributed to the company in Kenya were entirely false. Kenya has since kept mum on why it dropped the charges against Flutterwave was dropped.
