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Flutterwave Flaps It’s Wings, Flies To Egyptian Financial Market As Kenya Withdraws Impropriety Case Against It




The Oasis Reporters



February 10, 2023

 

 

 

 

 

 

 




Flutterwave has secured two licences – Payment Service Provider and Payments Facilitator – from Egyptian financial market authorities to commence service in the $14.15 billion market.



The licences enables Flutterwave to act as an official payment service provider in the country, collecting payments on behalf of its customers and settling payments locally and globally. The company said it would deploy Flutterwave for Business suite of products including store, payment links, invoices, and check-outs in Egypt.


The high flying ambition comes for the financial technology group after what seems like a long-awaited victory as the largest Economy in East Africa, Kenya withdrew its charges of financial impropriety against the company, Bloomberg reports.



The withdrawal of the charges was noted in a Kenyan High Court document.

This occurred almost seven months after a court in the East African nation froze the fintech juggernaut’s bank accounts.


Flutterwave was accused of fraud and money laundering, which led to the court case’s beginning in July 2022.



According to Kenya’s Assets Recovery Agency (ARA), the court froze 6.2 billion Shillings held by the fintech giant in various Kenyan banks.






“The first respondent’s (Flutterwave) bank accounts received billions in a suspected scheme of money laundering and the same deposited in different bank accounts in an attempt to conceal or disguise the nature, source, location, disposition or movement of the said funds,” ARA said at the time.




Flutterwave asserted that all the disputed transactions could be independently verified and denied any wrongdoing. “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,” a part of its statement at the time read.



The dismissal of the case will benefit the financial technology business, which plans to increase the number of businesses it assists with cross-border transactions in multiple currencies, including Uber Technologies Inc. and Alibaba’s Alipay.



Olugbenga GB Agboola is the Co Founder & Chief Executive Officer of the Nigerian, Fintech company, Flutterwave and the other key person is Iyinoluwa Aboyeji.


Olugbenga Agboola OON who was born in 1985 is a Nigerian software engineer and entrepreneur.



Flutterwave is a Nigerian fintech company that provides a payment infrastructure for global merchants and payment service providers across the continent and was founded in 2016.

Additional reporting: Bloomberg.


Greg Abolo

Blogger at The Oasis Reporters.

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