Flutterwave reacts following media reports of suspected card fraud and money laundering in Kenya

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Business Insider Africa gathered that Kenya’s Assets Recovery Agency had obtained a court order to freeze the sum of about $52.5 million (Sh6.2 billion) linked to the the Nigerian fintech firm. The funds were frozen across different bank, including Guaranty Trust Bank, Co-operative Bank, Ecobank and KCB.

The Kenyan agency, which believes the funds were proceeds of fraud, said it would file a petition to ultimately have the funds forfeited to the Kenyan Government.

Meanwhile, Flutterwave has vehemently denied any involvement in fraudulent activities. In a statement that was issued via its website, the company described the allegation of fraud as a calculated attempt to smear its reputation.

“Claims of financial improprieties involving the company in Kenya are entirely false and are being circulated as part of a disinformation campaign. Flutterwave has been a target of deliberate false media reports and misrepresentations,” Flutterwave said.

The statement went further to explain that the company makes use of its financial partners to receive funds and make payments on behalf of merchants and corporates. And in doing that, it earns fees through what was described as “transaction charge”.

The company also claimed that it “maintains the highest regulatory standards in our operations. Our Anti-money laundering (AML) practices and operations are regularly audited by one of the big 4 firms. We remain proactive in our engagements with regulatory bodies to continue to stay compliant.”

Recall that this is not the first controversy that has rocked Flutterwave’s boat in recent months. In April this year, an investigative piece by a Nigerian Journalist uncovered how the company’s CEO, Olugbenga Agboola, was allegedly involved some dubious personal and professional practices. Again, the company denied the accusations.


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