Flutterwave denied the money laundering charges in Kenya after the government seized $59 million in several accounts linked to the Nigerian fintech company.
Following the news, social media was set abuzz. The seizure comes months after Nigeran journalist David Hundeyin wrote a scathing article that ruined the company’s popularity. He didn’t waste any time sharing the new story about Flutterwave’s legal trouble on his TL.
As the new story goes, the Kenyan High Court ruled that 56 accounts belonging to Flutterwave and several other fintech companies. Implicated were Boxtrip Travel and Tours Limited, Bagtrip Travel Limited, Elivalat Fintech Limited, Adguru Technology Limited, Hupesi Solutions, Cruz Ride Auto Limited, and Simon Ngige, were all implicated.
Kenyan media house The Star reported that the accounts were in various currencies such as USD, British Pound Sterling, EURO, and Kenya shillings. According to the government asset recovery agency (ARA), funds were moved to the now frozen accounts in a suspicious manner.
“Investigations established that the bank accounts operations had suspicious activities where funds could be received from specific foreign entities which raised suspicion. The funds were then transferred to related accounts as opposed to settlement to merchants,” the agency said.
An investigator with the agency, Isaac Nakitare, claimed that Flutterwave was covertly providing a payment service platform in Kenya without obtaining the right authorisation from the country’s central bank.
Meanwhile, in a statement, the company claimed that it followed every protocol to the tee. “Claims of financial improprieties involving the company in Kenya are entirely false, and we have the records to verify this. 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,” it said.
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