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Flutterwave’s troubles in Kenya yet to end as second case proceeds

Flutterwave’s troubles in Kenya yet to end as second case proceeds

#finance
#fintech
#finance
#payments
Africa’s most valuable unicorn Flutterwave is still not off the hook in Kenya. About $3 million of its money that was confiscated in the second government seizure over money laundering and fraud claims remains frozen, in two banks, and 19 mobile money accounts (M-pesa paybill numbers), as the matter is before Kenya’s high court.

Flutterwave, Africa's most valuable unicorn, is still facing legal issues in Kenya over money laundering and fraud claims. The Kenyan Assets Recovery Agency seized $3 million from the fintech, and the funds remain frozen as the case continues in Kenya's high court. This is the second time that Flutterwave's funds have been seized in Kenya, and while the first case has been closed and the $52.5 million released, Flutterwave remains uncleared by the courts, delaying its prospects of getting a license to operate in Kenya. The fintech has faced a string of controversies over the past year, including claims of harassment, funds misappropriation, and mismanagement.


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