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Kenya Withdraws Financial Impropriety Charges Against Flutterwave

The Kenyan Government has dropped the financial impropriety charges against Flutterwave, an Africa-focused financial technology firm.

Bloomberg reports that the withdrawal of the charges was contained in a Kenyan high court document and verified by Robert Gitau, a lawyer representing Flutterwave.

The court had in July 2022 restricted access to Sh6.2 billion ($59.2 million) in 62 bank accounts belonging to Flutterwave  and some other firms over allegations of card fraud and money laundering, TheCable reports. 

Two months later, the Kenyan court froze an additional sum of $3.3 million belonging to Flutterwave.

Flutterwave had denied the allegations, saying it had the necessary records to prove its innocence.

“Claims of financial improprieties involving the company in Kenya are entirely false, and we have the records to verify this,” the company had said.

“We are a financial technology company that maintains the highest regulatory standards in our operations.”

Patrick Njoroge, Kenyan central bank governor, had also said Flutterwave was not licensed to operate in the east African country.

The news agency said Alice Mate, director in charge of the Assets Recovery Agency (ARA) which filed the case, didn’t immediately respond to a request for comment sent after official hours on Friday, while a representative of Flutterwave declined to comment when contacted.

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