Flutterwave has been cleared of money laundering charges in Kenya, Techloy reported.
This comes after the Kenyan Assets Recovery Agency (ARA) dropped money laundering allegations against the fintech company based in Lagos and San Francisco, a move that will enable the firm access a total amount of Sh6.6 billion ($51 million) in its account, that was frozen seven months ago.
ARA had filed financial impropriety charges against Flutterwave and the court froze the cash in 62 bank accounts.
Flutterwave denied the charges and the company’s Chief Executive Officer (CEO) and co-founder Olugbenga Agboola, flew into the country recently to negotiate licensing with the Central Bank of Kenya (CBK).
The firm said, “Flutterwave welcomes the withdrawal of claims against the company by the Asset Recovery Agency (ARA) in July 2022 and looks forward to market expansion in Kenya. As a result, Flutterwave has been cleared of any wrongdoing. Flutterwave has fully cooperated with all stages of this review.”
Flutterwave offers its payment services to facilitate cross-border transactions in multiple currencies and was last valued at more than $3 billion.
The firm has raised more than $450 million in VC funding.