Flutterwave responds to allegation of its involvement in Sh6.2 billion fraud

Nigerian Fintech startup Flutterwave has vehemently denied allegations that they are involved in multi-billion money laundering and fraudulent ventures in the country.

The company issued a statement on Thursday denying any involvement in any improprieties.

This comes after the country's Asset Recovery Agency (ARA) applied to block the transfer or withdrawal of the Sh6.2 billion that was spread across 62 bank accounts and the High Court froze the funds.

Flutterwave said claims of financial improprieties in involving the company in the country are completely untrue.

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

The fintech company asserted it does not entertain any money laundering activities and they maintain being proactive with regulatory bodies to continue to stay compliant.

“Our Anti-money laundering (AML) practices and operations are regularly audited by one of the Big four firms. We remain proactive in our engagements with regulatory bodies to continue to stay compliant,” the company said.

Flutterwave maintained it only collects and pays money on behalf of merchants and corporate entities and only makes money from charging transaction fees.

“Through our financial institution partners, we collect and pay on behalf of merchants and corporate entities. In the process, we earn our fees through a transaction charge, records of which are available and can be verified. As a business, we hold corporate funds to support our operations and provide services to all our customers,” the statement read in part.

The company added it processed large amounts of money by facilitating payments for large organisations globally thus contributing to growing Kenya’s economy.