All is not well with leading African fintech startup Flutterwave, this is as the Central Bank of Kenya (CBK) says that the startup is not registered to operate in Kenya. This is as the CBK governor Patrick Njoroge said that the company, as well as Chipper Cash, are not allowed to offer payment services to merchants in the East African country.
“Flutterwave is not licensed to operate remittance providers or for that matter as a Payment Service Provider in Kenya. They are not licensed to operate and therefore they shouldn’t be operating. And Chipper we could also say the same,” Dr. Njoroge said.
Flutterwave is also facing money laundering and fraud allegations in the country, which it has denied. According to TechCrunch, a total of $52.5 million in 62 accounts linked to Flutterwave and six other companies that are recipients of wire transfers from fintech was blocked by the country’s High Court, and Kenya’s Asset Recovery Agency applied to have them frozen.
Read also : Nigerian Mobility Fintech Startup Moove Launches In Three Of India’s Largest Cities
Earlier this year the fintech company got permission from the Bank of Tanzania (BoT) to launch its payment services in Tanzania.
On its website, the company says it is currently operating in 34 African countries including South Africa, Ghana, Nigeria, and Kenya. It is not clear if it gained the required approval to operate in the said countries.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry