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Flutterwave's accounts frozen in Kenya over money laundering claims

A court in Kenya has frozen more than $40m in accounts belonging to Africa-focused payments giant, Flutterwave under the country's anti-money laundering laws, court documents showed.
Source: Reuters.
Source: Reuters.

Founded in 2016 in Nigeria, the San Francisco-headquartered firm, specialises in individual and consumer transfers, one of several fintech firms facilitating and capitalising on Africa's booming payments market.

Earlier this year, the firm raised $250m, valuing the startup at more than $3bn.

Kenya's Assets Recovery Agency sought and was granted a High Court order to freeze several accounts with three banks belonging to Kenyan-registered Flutterwave Payment Technology Ltd.

Flutterwave confirmed it owned the company.

It said in a separate statement that claims of financial impropriety in Kenya were "entirely false".

The court order, which is dated July 1, stops Flutterwave from any transactions from more than a dozen accounts with three banks, which held $43m in dollars, sterling, euro and Kenyan shillings.

"These orders shall subsist for a period of 90 days as provided in section 84 of Proceeds of Crime and Anti-Money Laundering Act," Judge Esther Maina said in a ruling pending a full hearing and final order at a later date.

Flutterwave said its operations were regularly audited and it continuously engaged regulatory agencies to stay compliant.



SOURCE

Reuters, the news and media division of Thomson Reuters, is the world's largest multimedia news provider, reaching billions of people worldwide every day.

Go to: https://www.reuters.com/

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