The Ghanaian government is looking into the financial record of Flutterwave, and has ordered financial institutions to provide details relating to the firm’s operational accounts.
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In a letter confidentially sent to the financial institutions, and dated July 13, the Bank of Ghana stated that it is conducting a review on Flutterwave Technology Solutions Limited as part of its continuous surveillance of the financial system.
“To this end, we request you to furnish us with the following information on the above company: Details of services provided by the company to your institution.
“All operational accounts of the company with your institution. Details of all financial exposures to the company. You may also include any other information you have on the company.”
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This is coming weeks after it was accused by the Kenyan authority, Asset Recovery Agency (ARA), of using its company accounts for money laundering, Bank of Ghana has officially begun to probe the African unicorn after several allegations from the Nigerian and Kenyan markets.
The co-founder and Chief Executive Officer, Olugbenga Agboola, was also accused of insider trading, creating fictitious identity to obtain more shareholding right, and also abused the power of his office, while the Kenyan government accused Flutterwave of card fraud and operating without license.