Home Startups Nigeria’s Flutterwave To Invest Sh7.33 Billion In Kenya

Nigeria’s Flutterwave To Invest Sh7.33 Billion In Kenya

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Nigeria’s payment startup Flutterwave has announced that it will be investing $50 million (Sh7.33 billion) into the Kenyan payments and remittance market.

Its founder, Olugbenga Agboola, also announced in Nairobi that the firm will embark on the investment once it receives a full license from the Central Bank of Kenya.

Flutterwave Payments Technology Ltd., which operates in Kenya, is a subsidiary of the American-based Flutterwave.

It operates in 10 African nations, including Nigeria and South Africa, among others, and is registered in California as a payment technology and infrastructure firm.

Iyinoluwa Aboyeji and Adeleke Adekoya are the other co-founders.

In June this year, Flutterwave’s 45 bank accounts were frozen by High Court judge Alfred Mabeya due to money laundering claims.

The court order came after 2,468 Nigerians said that the tech firm defrauded them of $12.04 million.

“The application is certified as urgent… The application will be served for directions on 21.6.2023. In the meantime, prayers 2-9 [seeking freezing of bank accounts, bank keys and mobile money wallets] are granted for 14 days only,” said Justice Mabeya.

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