Flutterwave breathes sigh of relief as Kenya drops financial impropriety charges
Flutterwave, a Lagos and San Francisco-based fintech company, has received a boost as the Kenyan government has dropped charges of financial impropriety against the firm.
The case, which began last July, resulted in the freezing of Flutterwave’s Kenyan bank accounts, which held over $40 million, after allegations of financial impropriety were made by the Central Bank of Kenya.
However, Flutterwave has always maintained its innocence and denied the allegations.
The withdrawal of the charges comes as the company plans to expand its services, which facilitate cross-border transactions in multiple currencies for companies such as Alibaba’s Alipay and Uber Technologies Inc.
Attempts to reach Alice Mate, the director of Kenya’s Assets Recovery Agency which filed the case, were unsuccessful.
Similarly, a representative from Flutterwave declined to comment on the situation.
This development provides a significant win for Flutterwave as it moves forward with its plans for expansion.
