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    Apple unveils new Mac Mini with M2 and M2 Pro for enhanced performance

    Apple unveils new Mac Mini with M2 and M2 Pro for enhanced performance

    High Court orders suspension of bank to MPesa charges

    High Court orders suspension of bank to MPesa charges

    Government announces plan to manufacture smartphones for under KES 5,000 by year-end

    Government announces plan to manufacture smartphones for under KES 5,000 by year-end

    Safaricom’s Fuliza subscribers can now withdraw their limit at MPesa agent shops

    Safaricom’s Fuliza subscribers can now withdraw their limit at MPesa agent shops

    Microsoft exploring integration of OpenAI’s GPT technology into Office apps

    Microsoft exploring integration of OpenAI’s GPT technology into Office apps

    YouTube to allow creators to monetize Shorts content starting February 1

    YouTube to allow creators to monetize Shorts content starting February 1

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    Safaricom launches 5G Wi-Fi service, starts at KES 3,499

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    Complete list of Macs that will run macOS Ventura

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    Apple unleashes new MacBook Pros with powerful chips, more ports and a notch

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    Lenovo X1 Carbon 5th Generation Review: just good enough

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    TECNO launches PHANTOM X2 Series with retractable portrait lens in Kenya

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    Samsung’s first 2023 Galaxy A series phone comes with 5G, and it’s cheap

    Tecno announces Eliud Kipchoge as brand ambassador for PHANTOM X2 Series

    Tecno announces Eliud Kipchoge as brand ambassador for PHANTOM X2 Series

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    TECNO Mobile opens pre-orders for Phantom X2 smartphone series in Kenya

    Xiaomi Redmi A1+: Best budget smartphone in 2022?

    Xiaomi Redmi A1+: Best budget smartphone in 2022?

    Tecno Camon 19 Pro Mondrian Edition launches in Kenya for KES 35,000

    Tecno Camon 19 Pro Mondrian Edition launches in Kenya for KES 35,000

    All you need to know about the new iPhone 14 lineup

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Home Startups

Flutterwave dismisses claims of money laundering in Kenya

Brian Murimi by Brian Murimi
July 7, 2022
in Startups
Reading Time: 2 mins read
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Flutterwave dismisses claims of money laundering in Kenya
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Flutterwave, a payments technology company, has refuted allegations of money laundering in Kenya as untrue and part of a disinformation effort against the it.

On suspicion of being the proceeds of card fraud and money laundering, the High Court of Kenya froze more than Sh6.2 billion in 62 bank accounts linked to the Nigerian start-up and four Kenyans yesterday.

The Assets Recovery Agency (ARA) applied to prevent the transfer or withdrawal of billions of dollars in Guaranty Trust Bank (GTB), Equity, EcoBank, KCB, and Co-operative Bank accounts, pending the filing of a petition to have the money forfeited to the government.

According to court records, the agency’s investigations indicated that the money was wired under the guise of payments for products and services.

KEEPREADING

Flutterwave appoints Gurbhej Dhillon as Chief Technology Officer

Flutterwave appoints former American Express Executive, Oneal Bhambani as Chief Financial Officer

According to the investigators, Flutterwave accounts had Sh5.17 billion (USD 48 million) in 29 accounts at GTB, Equity, and Eco Bank in Kenya shillings, US dollars, Euros, and Sterling pounds.

“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 in a statement.

“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.” the statement reads in part.

Flutterwave maintained that it adhered to the highest regulatory requirements in its operations and was seeking to determine the motivation behind the publication.

“We are a financial technology company that 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.” the company stated.

Tags: Flutterwave
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Brian Murimi

Brian Murimi

Brian is the founding geek at the Netick. A tech enthusiast skilled in journalism, media relations, multi-platform broadcasting, and social media. Write to him via bryanmurimi@gmail.com

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