Fintech News Global

Subscribe

Elections 2024

Dr Corné Mulder says coalitions are the only way to a better South Africa!

Dr Corné Mulder says coalitions are the only way to a better South Africa!

sona.co.za

Elections 2024

Dr Corné Mulder says coalitions are the only way to a better South Africa!

Dr Corné Mulder says coalitions are the only way to a better South Africa!

sona.co.za

Advertise your job ad
    Search jobs

    Flutterwave's accounts frozen in Kenya over money laundering claims

    A court in Kenya has frozen more than $40m in accounts belonging to Africa-focused payments giant, Flutterwave under the country's anti-money laundering laws, court documents showed.
    Source: Reuters.
    Source: Reuters.

    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 $250m, valuing the startup at more than $3bn.

    Kenya's Assets Recovery Agency sought and was granted a High Court order to freeze several accounts with three banks belonging to Kenyan-registered Flutterwave Payment Technology Ltd.

    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 July 1, stops Flutterwave from any transactions from more than a dozen accounts with three banks, which held $43m 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.

    Source: Reuters

    Reuters, the news and media division of Thomson Reuters, is the world's largest multimedia news provider, reaching billions of people worldwide every day.

    Go to: https://www.reuters.com/
    Let's do Biz