Flutterwave says claims of financial improprieties in Kenya are entirely false

Fintech giant, Flutterwave has come out to deny the money laundering charges brought against in Kenya, saying that “claims of financial improprieties involving the company in Kenya are entirely false”

Yesterday, reports emanating from Kenya stated that Asset Recovery Agency (ARA) in Kenya issued orders to a high court for the company bank accounts to be frozen because of money laundering.

56 accounts holding Sh7 billion ($59.2 million) belonging to foreign nationals and entities including Flutterwave, Boxtrip travel and tours limited, Bagtrip travel limited, Elivalat fintech limited, Adguru technology limited, Hupesi solutions, Cruz ride auto limited and one Simon Ngige, were frozen.

In an official response, Flutterwave issued a statement available on its website;

Claims of financial improprieties involving the company in Kenya are entirely false, and we have the records to verify this.

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 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 4 firms. We remain proactive in our engagements with regulatory bodies to continue to stay compliant.

Flutterwave has a responsibility to ensure the integrity of the ecosystem, and we pledge our commitment to continue to work with all stakeholders to uphold this. We are working to figure out the motive behind the publication, and have the records straightened.