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    Home » Fintech » Kenya freezes Flutterwave accounts over money laundering claims

    Kenya freezes Flutterwave accounts over money laundering claims

    By Agency Staff8 July 2022
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    A court in Kenya has frozen more than US$40-million in accounts belonging to Africa-focused payments giant Flutterwave under the country’s anti-money laundering laws, court documents showed.

    Founded in 2016 in Nigeria, the San Francisco-headquartered firm specialises in individual and consumer transfers, one of several fintech firms facilitating and capitalising on Africa’s booming payments market.

    Earlier this year, the firm raised $250-million, valuing the start-up at more than $3-billion.

    Earlier this year, the firm raised $250-million, valuing the start-up at more than $3-billion

    Kenya’s Assets Recovery Agency sought and was granted a high court order to freeze several accounts, with three belonging to Kenyan-registered Flutterwave Payment Technology.

    Flutterwave confirmed it owned the company. It said in a separate statement that claims of financial impropriety in Kenya were “entirely false”.

    The court order, which is dated 1 July, stops Flutterwave from any transactions from more than a dozen accounts with three banks, which held $43-million in dollars, sterling, euro and Kenyan shillings.

    “These orders shall subsist for a period of 90 days as provided in section 84 of Proceeds of Crime and Anti-Money Laundering Act,” Judge Esther Maina said in a ruling pending a full hearing and final order at a later date.

    Flutterwave said its operations were regularly audited and it continuously engaged regulatory agencies to stay compliant.  — MacDonald Dzirutwe and Humphrey Malalo, (c) 2022 Reuters

    Now read: African fintech Flutterwave raises new funds at R45-billion valuation



    Flutterwave
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