Flutterwave denies alleged money laundering charges in Kenya


Africa’s biggest Fintech, Flutterwave has flatly denied reports of financial impropriety after Kenya’s High Court froze the the company’s bank accounts holding more than $50 million.

The money, held in 52 multi-currency accounts in three banks, can’t be moved following the order based on an application by the Assets Recovery Agency under anti-money laundering rules.

Flutterwave is prohibited from “transacting, withdrawing, transferring” the funds, according to documents obtained from the Kenyan court.

“Claims of financial improprieties involving the company in Kenya are entirely false, and we have the records to verify this,” Flutterwave said in a statement posted on its website on Thursday.

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The Lagos and San Francisco-based fintech facilitates cross-border transactions in multiple currencies for companies, including Alibaba’s Alipay, Uber Technologies Inc. and several other homegrown businesses. It announced reaching a valuation of $3 billion in February, and B Capital Group and Tiger Global Management have invested in the company.

The orders “shall subsist for a period of 90 days” in accordance with Kenya’s anti-money laundering rules, the court said.

Meanwhile, months ago, Flutterwave was hit with similar allegations by former workers, some of whom also accused the CEO and other top management staff of sexual harassment among other allegations.

The company denied all of those allegation, but has since hired a new CTO and a new CFO from some of the top and reputable organisations in the world, arguably to inject some good governance into its operations.


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