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

According to reports, the CEO and co-founder of the Nigerian fintech Flutterwave, Olugbenga Agboola, precocious visited Kenya wherever helium sought to person the country’s monetary authorities to assistance the steadfast entree to funds that person been blocked since July 2022. Agboola claimed that his steadfast had “instituted a fig of changes implicit the past twelvemonth to guarantee each interior governance structures are best-in-class.”

Money Laundering Allegations

More than six months aft a Kenyan High Court granted an bid to frost slope accounts belonging to the Nigerian fintech unicorn Flutterwave, Olugbenga Agboola, the co-founder and CEO of the startup, is seeking to person the Central Bank of Kenya to extremity the embargo. In addition, Agboola reportedly utilized his caller travel to the East African authorities to propulsion for the licensing of his firm.

As antecedently reported by Bitcoin.com News, much than 50 Flutterwave slope accounts holding funds equivalent to astir $60 cardinal were frozen astatine the behest of the Asset Recovery Agency (ARA). The bureau accused Flutterwave of laundering wealth and of flouting Kenya’s nationalist outgo strategy laws.

However, according to a Business Daily report, the ARA has withdrawn from the tribunal lawsuit that won it the frost bid successful December 2022. The study added that the ARA’s withdrawal, arsenic good arsenic the caller dismissal of a lawsuit brought against Flutterwave by immoderate 2,000 disgruntled Nigerians, raised the startup’s chances of regaining entree to the blocked funds.

Meanwhile, successful his comments relating to the Kenyan trip, Agboola reportedly said:

CBK invited america successful December to reapply for a wealth remittance and payments work supplier licenses. Kenya is the bedrock of mobile money. We person seen the spread and person raised superior to put here. Without Nairobi, gathering a planetary mobile wealth payments strategy is not possible.

Concerning allegations that Flutterwave’s Kenyan operations were not sanctioned, Agboola insisted the startup has ever sought to comply with the country’s laws. He revealed that the startup was bringing successful qualified planetary experts to assistance fortify Flutterwave’s processes.

Fintech Growth and Regulatory Challenges

In different report, Agboola is quoted suggesting that Flutterwave and different Africa-based fintech firms’ accelerated maturation often unnerves regulators. This, successful turn, leads to accrued scrutiny and suspicion.

However, to assuage the concerns of skeptical regulators, Agboola reportedly said the fintech had “instituted a fig of changes implicit the past twelvemonth to guarantee each interior governance structures are best-in-class.” Furthermore, Flutterwave has hired experienced individuals specified arsenic Emmanuel Efenure from Mastercard to assistance fortify the fintech’s hazard and governance, Agboola added.

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