Flutterwave Denies Money Laundering Allegations In Kenya

Pan-African financial firm Flutterwave has reacted to reports of an ongoing money laundering trial in Kenya.

OduNews had earlier reported that bank accounts belonging to Flutterwave were frozen by a Kenyan court after the authorities accused the Nigerian fintech of money laundering.

Reacting to the development in a statement on Thursday, Flutterwave described the allegations as “entirely false”.

It added that it has the necessary records to prove its innocence.

“Through our financial institution partners, we collect and pay on behalf of merchants and corporate entities,” the statement reads.

“In the process, we earn our fees through a transaction charge, records of which are available and can be verified. As a business, we hold corporate funds to support our operations and provide services to all our customers.

“By facilitating payments for the biggest organizations in the world and everyday businesses, we process significantly large volumes of money and contribute to growing the economy in Kenya, and the rest of Africa.

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

“Our Anti-money laundering (AML) practices and operations are regularly audited by one of the big 4 firms. We remain proactive in our engagements with regulatory bodies to continue to stay compliant.

“Flutterwave has a responsibility to ensure the integrity of the ecosystem, and we pledge our commitment to continue to work with all stakeholders to uphold this.

“We are working to figure out the motive behind the publication and have the records straightened.”