Kenyan authorities have dropped charges of financial misconduct and corruption against Flutterwave Inc., about seven months after a court in the East African nation froze the bank accounts of one of Africa’s biggest startups. startups.
According to a Kenyan High Court document revealed by a source and Flutterwave’s lawyer Robert Gitau confirmed, the charges have now been dropped.
In July 2022, Peoples Gazette reported that the East African government froze the financial assets of Flutterwave going up to $56.7 million after filing criminal charges against the pan-African payment solutions firm.
The firm was accused of conducting suspicious transactions and failing to comply with financial regulations in Kenya.
The fintech startup has become prolific in recent years as an African success story in providing modern solutions to the continent’s underdeveloped financial services sector.
Also Read: More Woes For Flutterwave As Bank Of Ghana Opens Investigation for The African Fintech Start-up.
Recall that the company had vehemently denied the allegation of fraud, describing it as a calculated attempt to smear its reputation. The company also explained that it makes use of its financial partners to receive funds and make payments on behalf of merchants and corporations.
Since then, the Central Bank of Kenya warned that Flutterwave was not licensed to operate remittance services in the East African country. Governor Patrick Ngoroje of the Central Bank of Kenya also warned stakeholders to be wary of the company.
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