Flutterwave breaks silence amidst seizure of millions associated with fraud, money laundering
Tech company, Flutterwave, breaks silence following reports of court freezing millions of dollars from their company linked with fraud and money laundering.
A Kenyan High Court reportedly seized Sh7 Billion, an equivalence of $59 million from 56 accounts belonging to fintech companies including Nigeria’s Flutterwave.
It was alleged that the fintech companies were conduits for money laundering in the guise of providing merchant services.
Reacting to the claim, Flutterwave, ascertained that the reports were false and had no verifiable records.
“Claims of financial improprieties involving the company in Kenya are entirely false, and we have the records to verify this.
“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.
“By facilitating payments for the biggest organizations in the world and everyday businesses, we process significantly large volumes of money and contribute to growing the economy in Kenya, and the rest of Africa.
“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.”
Other fintechs affected are: Flutterwave Payment Technology Limited, Boxtrip Travel and Tours Limited, Bagtrip Travel Limited, Elivalat Fintech Limited, Adguru Technology Limited, Hupesi Solutions, Cruz Ride Auto Limited and one Simon Ngige,” it said in a statement.
