Flutterwave, Chipper Cash not licensed to operate in Kenya — Central Bank

Flutterwave and Chipper Cash are not licensed to deliver cross-border payment services in Kenya, the country’s central bank Governor Patrick Njoroge has said.

Mr. Njoroge disclosed this while addressing journalists on July 28, after the Monetary Policy Committee meeting held on Wednesday July 27.

This follows the country’s High Court order on July 7 to freeze bank accounts linked to transactions by Flutterwave for 90 days. The court gave the order on suspicion of Africa’s biggest fintech firm being involved in money laundering.

“Flutterwave is not licensed to operate remittance, provider or for that matter as a payment service provider in Kenya.

“They are not licensed to operate and therefore they shouldn’t be operating, and Chipper Cash we could also say the same” he said, responding to questions from journalists.

In the July 7 episode, Flutterwaves’s 29 bank accounts with Guaranty Trust Bank, 17 with Equity Bank and six with Ecobank were all frozen for receiving billions of shillings and depositing same in different bank accounts in an attempt to conceal the nature, source or movement of the funds.

Although the firm at the time said it “did no wrong” in response to the publications. The fintech company through a statement said the claims are entirely false, stressing that it maintains the highest regulatory standards in its operations.

It is yet to publicly respond to allegations of operating without license in Kenya.

“We have been in constant engagement with the Central Bank of Kenya to ensure that we provide all the requirements, and we look forward to receiving our license.

“We are committed to operating within the stipulated laws, regulations, and industry standards in Kenya,” it said in its emailed response to Bloomberg.

Flutterwave and Chipper Cash are not licensed to deliver cross-border payment services in Kenya, the country’s central bank Governor Patrick Njoroge has said.

Mr. Njoroge disclosed this while addressing journalists on July 28, after the Monetary Policy Committee meeting held on Wednesday July 27.

This follows the country’s High Court order on July 7 to freeze bank accounts linked to transactions by Flutterwave for 90 days. The court gave the order on suspicion of Africa’s biggest fintech firm being involved in money laundering.

“Flutterwave is not licensed to operate remittance, provider or for that matter as a payment service provider in Kenya.

“They are not licensed to operate and therefore they shouldn’t be operating, and Chipper Cash we could also say the same” he said, responding to questions from journalists.

In the July 7 episode, Flutterwaves’s 29 bank accounts with Guaranty Trust Bank, 17 with Equity Bank and six with Ecobank were all frozen for receiving billions of shillings and depositing same in different bank accounts in an attempt to conceal the nature, source or movement of the funds.

Although the firm at the time said it “did no wrong” in response to the publications. The fintech company through a statement said the claims are entirely false, stressing that it maintains the highest regulatory standards in its operations.

It is yet to publicly respond to allegations of operating without license in Kenya.

“We have been in constant engagement with the Central Bank of Kenya to ensure that we provide all the requirements, and we look forward to receiving our license.

“We are committed to operating within the stipulated laws, regulations, and industry standards in Kenya,” it said in its emailed response to Bloomberg.