The Kenyan government has dropped the financial impropriety charges levelled against Flutterwave about seven months ago.
According to a Bloomberg report, the withdrawal of the charges was noted in a Kenyan High Court document verified by Robert Gitau, a lawyer representing Flutterwave.
In July 2022, the Nigerian-born payments startup was accused on money laundering and had its accounts in Kenya frozen. The Asset Recovery Agency (ARA) in Kenya issued orders to a high court to freeze 56 accounts holding Sh7 billion ($59.2 million) belonging to foreign nationals and entities including Flutterwave.
Flutterwave had denied the money laundering charges saying that “claims of financial improprieties involving the company in Kenya were entirely false”
In August 2022, the ARA froze another Sh400.6m ($3.3 million) in banks, M-Pesa linked to Flutterwave.
Now that the case against Flutterwave has been dropped, the startup can now continue to do its business without the stigma of being a fraudulent company. The Lagos and San Francisco-based financial technology company plans to expand its services of facilitating cross-border transactions in multiple currencies for companies, including Alibaba’s Alipay, Uber Technologies Inc..
