Report: Kenya drops financial impropriety case against Flutterwave

The Kenyan government has withdrawn charges of financial impropriety against Flutterwave, an Africa-focused financial technology firm.

According to Bloomberg, the withdrawal of the charges was contained in a Kenyan high court document and verified by Robert Gitau, a lawyer representing Flutterwave.

In July 2022, the court restricted access to Sh6.2 billion ($59.2 million) in 62 bank accounts belonging to Flutterwave and some other firms over allegations of card fraud and money laundering.

Two months after, the Kenyan court froze an additional sum of $3.3 million belonging to the financial technology firm.

Flutterwave had denied the allegations, saying it had the necessary records to prove its innocence.

“Claims of financial improprieties involving the company in Kenya are entirely false, and we have the records to verify this,” the company had said.

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

Patrick Njoroge, Kenyan central bank governor, had also said Flutterwave was not licensed to operate in the east African country.

The news agency said Alice Mate, director in charge of the Assets Recovery Agency (ARA) which filed the case, did not immediately respond to a request for comment sent after official hours on Friday, while a representative of Flutterwave declined to comment when contacted.