Reportedly Nigerian fintech Flutterwave Olugbenga Agboola recently visited Kenya and tried to convince the country’s financial authorities to allow the company access to funds that had been blocked since July 2022. This is the year to make sure all internal governance structures are best in class.
Money Laundering Allegations
Kenyan High Court Orders Freeze Bank Accounts of Nigerian Fintech His Unicorn Flutterwave It’s been more than 6 months since he. A startup CEO is trying to convince the Central Bank of Kenya to end the embargo. Additionally, Agboola reportedly used his recent trip to the East African state to push for his company’s license.
As previously reported by Bitcoin.com News, more than 50 of his Flutterwave bank accounts holding nearly $60 million worth of funds have been frozen at the request of the Asset Recovery Agency (ARA). I was. The agency accused Flutterwave of laundering money and ignoring Kenya’s National Payments System Act.
However, the ARA withdrew from the lawsuit in which he won a freezing order in December 2022, according to a Business Daily report. The recent dismissal of a lawsuit filed against him by about 2,000 disgruntled Nigerians Flutterwave has increased the chances of the startup regaining access to blocked funding.
CBK asked us in December to reapply for his provider’s license for money transfer and payment services. Kenya is the base of mobile money. We saw the gap and raised the money to invest here. We cannot build a global mobile money payment system without Nairobi.
In response to Flutterwave’s allegations that it was not licensed to operate in Kenya, Agboola argued that the startup had always tried to comply with the country’s laws. He revealed that the startup is hiring qualified global experts to power his Flutterwave process.
Fintech Growth and Regulatory Challenges
In another report, Agboola noted the accelerating growth of Flutterwave and other African-based fintech companies. has been quoted as suggesting that it often unnerves regulators. This, in turn, leads to increased scrutiny and suspicion.
However, to assuage concerns of skeptical regulators, Agboula said fintech has “had a lot of work over the past year to ensure all internal governance structures are best-in-class.” We have made changes to the Additionally, Flutterwave has hired experienced individuals such as Emmanuel Efenure at his Mastercard to strengthen fintech risk and governance, Agboola added.
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