In a major victory for the African fintech giant, a Kenyan high court has approved the withdrawal of the second and last case against Flutterwave over allegations of money laundering and fraud.
The case dates back to August 2022, when the Kenyan Asset Recovery Agency (ARA) froze $3 million belonging to Flutterwave, Hupesi Solutions, and Adguru Technology Limited. The ARA claimed that the companies were involved in money laundering and fraud, but Flutterwave denied the allegations from the outset.
In July 2023, the ARA filed a suit requesting the withdrawal of the case. However, the high court judge denied the request, asking for the reasons behind the ARA’s decision. After further investigations, the ARA confirmed that Flutterwave was not involved in money laundering and fraud, and the case was subsequently withdrawn.
This is the second time that Flutterwave has cleared its name of fraud allegations in Kenya. In July 2022, the ARA froze $52.5 million belonging to Flutterwave and six other companies on suspicion of money laundering. However, the case was formally withdrawn in March 2023.
The latest development comes as Flutterwave is seeking to acquire a payments service provider and remittances licence from the Central Bank of Kenya (CBK). The company is expanding its operations in East Africa and sees Kenya as a key market.
