*Targets Ambitious Growth in Kenya
Flutterwave has welcomed the withdrawal of claims against the company in July 2022 by Kenya’s Asset Recovery Agency (ARA) and said it looks forward to expansion in the country.
The fintech company said it has fully cooperated with all stages of the review.
This update resolved the challenge, which began when ARA obtained an ex-parte order to review the bank accounts of several foreign-owned technology firms, including Flutterwave Payments Technology Limited Kenya (Flutterwave Kenya).
Flutterwave’s recent highlights include obtaining a Payment Services Provider and Facilitator License in Egypt, a Switching and Processing License by the Central Bank of Nigeria (CBN) – widely regarded as CBN’s most valuable payments processing license – and announcing a collaboration with Google Pay.
It also renewed its operational license in Tanzania and South Africa, as well as its IMTO license in Nigeria. In June 2022, the company announced the appointments of Oneal Bhambani(Ex-Amex) to CFO and Gurbhej Dillon (Ex-GoldmanSachs) as CTO, adding to Flutterwave’s world-class talent.
Flutterwave Founder and CEO, Olugbenga Agboola, said: “We are pleased to have this matter resolved so we can resume our work with our strategic partners in Kenya, providing innovative payment solutions to companies and individuals in one of Africa’s largest and most dynamic economies.”
“Fintech in Africa, with its new entrants and accelerated pace of growth attracts a considerable amount of scrutiny and at times, suspicion. Given our own rapid growth and status as a first mover, we anticipate and welcome the opportunity to be transparent about our operations and cooperate with regulators.”
“We are looking forward to continuing with our mission to simplify payments for endless possibilities in Kenya. We will continue to be the payment partner of choice for any Kenyan business looking to start locally and grow globally and any foreign firm looking to expand their business in Kenya.”
“We have instituted a number of changes over the past year to ensure all internal governance structures are best-in-class. It has continued to take steps to strengthen its risk and governance and recently hired Emmanuel Efenure from Mastercard, as VP and Head of Risk for Africa. These steps are in addition to existing arrangements with Big four companies that support independent internal audit programs in support of the efforts done internally by the Flutterwave team. All company policies are subject to annual reviews conducted by third-party audit firms in the areas of AML/CFT, data privacy, information security, and finance.” Agboola said
Flutterwave’s Regional Expansions and Partnerships Manager, East Africa, Cathy Kinyua, said: “We take corporate governance and transparency very seriously at Flutterwave. This update should reassure our partners and stakeholders across the continent that we have complied with all regulations and laws in Kenya, as well as all other markets where we operate.”