Report: Flutterwave CEO in Bid to Recover Millions Stuck in Kenya

According to stories, the CEO and co-founder of the Nigerian fintech Flutterwave, Olugbenga Agboola, lately visited Kenya the place he sought to persuade the nation’s financial authorities to grant the agency entry to funds which have been blocked since July 2022. Agboola claimed that his agency had “instituted a number of changes over the past year to ensure all internal governance structures are best-in-class.”

Money Laundering Allegations

More than six months after a Kenyan High Court granted an order to freeze financial institution accounts belonging to the Nigerian fintech unicorn Flutterwave, Olugbenga Agboola, the co-founder and CEO of the startup, is in search of to persuade the Central Bank of Kenya to finish the embargo. In addition, Agboola reportedly used his latest journey to the East African state to push for the licensing of his agency.

As beforehand reported by Bitcoin.com News, greater than 50 Flutterwave financial institution accounts holding funds equal to almost $60 million have been frozen on the behest of the Asset Recovery Agency (ARA). The company accused Flutterwave of laundering cash and of flouting Kenya’s nationwide cost system legal guidelines.

However, in keeping with a Business Daily report, the ARA has withdrawn from the court docket case that gained it the freeze order in December 2022. The report added that the ARA’s withdrawal, in addition to the latest dismissal of a case introduced in opposition to Flutterwave by some 2,000 disgruntled Nigerians, raised the startup’s possibilities of regaining entry to the blocked funds.

Meanwhile, in his feedback referring to the Kenyan journey, Agboola reportedly mentioned:

CBK invited us in December to reapply for a cash remittance and funds service supplier licenses. Kenya is the bedrock of cellular cash. We have seen the hole and have raised capital to speculate right here. Without Nairobi, constructing a world cellular cash funds system just isn’t potential.

Concerning allegations that Flutterwave’s Kenyan operations weren’t sanctioned, Agboola insisted the startup has all the time sought to adjust to the nation’s legal guidelines. He revealed that the startup was bringing in certified international consultants to assist strengthen Flutterwave’s processes.

Fintech Growth and Regulatory Challenges

In one other report, Agboola is quoted suggesting that Flutterwave and different Africa-based fintech corporations’ accelerated development usually unnerves regulators. This, in flip, results in elevated scrutiny and suspicion.

However, to assuage the issues of skeptical regulators, Agboola reportedly mentioned the fintech had “instituted a number of changes over the past year to ensure all internal governance structures are best-in-class.” Furthermore, Flutterwave has employed skilled people comparable to Emmanuel Efenure from Mastercard to assist strengthen the fintech’s danger and governance, Agboola added.

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