Flutterwave Denies Involvement in Financial Improprieties

Flutterwave Inc., a Nigerian fintech company, said, “Claims of financial improprieties involving the company in Kenya are entirely false.”

This was in response to its accounts being frozen by a Kenyan court with more than $40 million. 

Kenya’s Assets Recovery Agency sought and was granted a High Court order to freeze 29 bank accounts with Guaranty Trust Bank, 17 with Equity Bank, and six with Ecobank, all belonging to Kenyan-registered Flutterwave Payment Technology Ltd.

“These orders shall subsist for 90 days as provided in section 84 of the Proceeds of Crime and Anti-Money Laundering Act,” Judge Esther Maina said in a ruling pending a full hearing and final order.

“We are a financial technology company that maintains the highest regulatory standards in our operations. Our anti-money laundering (AML) practices and operations are regularly audited by one of the big four firms. We remain proactive in our engagements with regulatory bodies to continue to stay compliant”, Flutterwave said.

“Through our financial institution partners, we collect and pay on behalf of merchants and corporate entities. In the process, we earn our fees through a transaction charge, records of which are available and can be verified. As a business, we hold corporate funds to support our operations and provide services to all our customers.

“By facilitating payments for the biggest organizations in the world and everyday businesses, we process significantly large volumes of money and contribute to growing the economy in Kenya, and the rest of Africa.

“We are working to ascertain the motive behind the false claims and have the records straightened out,” the statement reads.