Nigerian fintech Flutterwave denies Ksh.6B money laundering allegations in Kenya

Sections of local media on Thursday reported that the High Court had frozen a sum of Ksh.6.2 billion that was stored in several local banks by the company.

This, according to the reports, came after an application by the Assets Recovery Agency (ARA) to block the transfer or withdrawal of the cash over concerns that it might be proceeds of card fraud and money laundering.

The technology company has however distanced itself from the allegations, terming them false.

“Claims of financial improprieties involving the company in Kenya are entirely false, and we have the records to verify this,” reads a statement by the company on Thursday.

Flutterwave stated that it does not condone money laundering activities and that it has detailed reports to back up the source of its revenue which it maintains is from transactional charges.

“Our Anti-money laundering (AML) practices and operations are regularly audited by one of the Big four firms. We remain proactive in our engagements with regulatory bodies to continue to stay compliant,” the company said.

“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.”

Adding: “By facilitating payments for the biggest organisations 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.”