Nigerian fintech unicorn Flutterwave has reportedly submitted an application for a payment service provider license to the Central Bank of Kenya in 2019. The fintech also stated that it is in constant contact with the central bank and hopes to obtain a license.
Alleged CBK
Nigerian fintech giant Flutterwave said it has submitted an application for a business license to the Central Bank of Kenya (CBK) in 2019.Flutterwave said the CBK has been in contact with Kenyan financial institutions to obtain a fintech group’s decision to ban them from doing business with the group, and has moved to allay concerns that they may be operating illegally.
As Bitcoin.com News previously reported, CBK’s directive to financial institutions came shortly after CBK Governor Patrick Njoroge told journalists that Flutterwave and Chipper Cash were operating money transfer businesses without a license or approval from the central bank. It was issued shortly after he told journalists that Flutterwave and Chipper Cash were operating money transfer operations without a license or approval from the central bank. Kenya’s Asset Recovery Agency made similar allegations, leading to the sealing of Flutterwave’s bank account, which held more than $50 million.
After reports of trouble with the fintech’s Kenyan license, Flutterwave reportedly responded by suggesting that its entry into this market was “through partnerships with banks and mobile network operators licensed by the Central Bank of Kenya.”
However, according to a Business Dailyreport, Flutterwave now claims that in addition to applying for an operating license, it is working with CBK and waiting to obtain one.
“In 2019, as our business grows, Flutterwave has submitted an application for a Payment Service Provider License. We are constantly engaging with the Central Bank of Kenya to ensure that we deliver on all requirements and we look forward to receiving the license,” claimed a statement purportedly issued by the fintech.
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