{"id":17623,"date":"2023-02-14T11:32:56","date_gmt":"2023-02-14T11:32:56","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/flutterwave-ceo-in-bid-to-recover-millions-stuck-in-kenya-africa-bitcoin-news\/"},"modified":"2023-02-14T11:32:56","modified_gmt":"2023-02-14T11:32:56","slug":"flutterwave-ceo-in-bid-to-recover-millions-stuck-in-kenya-africa-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/flutterwave-ceo-in-bid-to-recover-millions-stuck-in-kenya-africa-bitcoin-news\/","title":{"rendered":"Flutterwave CEO in Bid to Recover Millions Stuck in Kenya \u2013 Africa Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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According to reports, the CEO and co-founder of the Nigerian fintech Flutterwave, Olugbenga Agboola, recently visited Kenya where he sought to convince the country\u2019s monetary authorities to grant the firm access to funds that have been blocked since July 2022. Agboola claimed that his firm had \u201cinstituted a number of changes over the past year to ensure all internal governance structures are best-in-class.\u201d<\/strong><\/p>\n

Money Laundering Allegations<\/h2>\n

More than six months after a Kenyan High Court granted an order to freeze bank accounts belonging to the Nigerian fintech unicorn Flutterwave, Olugbenga Agboola, the co-founder and CEO of the startup, is seeking to convince the Central Bank of Kenya to end the embargo. In addition, Agboola reportedly used his recent trip to the East African state to push for the licensing of his firm.<\/p>\n

As previously reported<\/a> by Bitcoin.com News, more than 50 Flutterwave bank accounts holding funds equivalent to nearly $60 million were frozen at the behest of the Asset Recovery Agency (ARA). The agency accused Flutterwave of laundering money and of flouting Kenya\u2019s national payment system laws.<\/p>\n

However, according to a Business Daily report<\/a>, the ARA has withdrawn from the court case that won it the freeze order in December 2022. The report added that the ARA\u2019s withdrawal, as well as the recent dismissal of a case brought against Flutterwave by some 2,000 disgruntled Nigerians, raised the startup\u2019s chances of regaining access to the blocked funds.<\/p>\n

Meanwhile, in his comments relating to the Kenyan trip, Agboola reportedly said:<\/p>\n

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CBK invited us in December to reapply for a money remittance and payments service provider licenses. Kenya is the bedrock of mobile money. We have seen the gap and have raised capital to invest here. Without Nairobi, building a global mobile money payments system is not possible.<\/p>\n<\/blockquote>\n

Concerning allegations that Flutterwave\u2019s Kenyan operations were not sanctioned, Agboola insisted the startup has always sought to comply with the country\u2019s laws. He revealed that the startup was bringing in qualified global experts to help strengthen Flutterwave\u2019s processes.<\/p>\n

Fintech Growth and Regulatory Challenges<\/h2>\n

In another report<\/a>, Agboola is quoted suggesting that Flutterwave and other Africa-based fintech firms\u2019 accelerated growth often unnerves regulators. This, in turn, leads to increased scrutiny and suspicion.<\/p>\n

However, to assuage the concerns of skeptical regulators, Agboola reportedly said the fintech had \u201cinstituted a number of changes over the past year to ensure all internal governance structures are best-in-class.\u201d Furthermore, Flutterwave has hired experienced individuals such as Emmanuel Efenure from Mastercard to help strengthen the fintech\u2019s risk and governance, Agboola added.<\/p>\n

Register your email here to get a weekly update on African news sent to your inbox:<\/em><\/p>\n

What are your thoughts on this story? Let us know what you think in the comments section below. <\/strong><\/em><\/p>\n

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\nTerence Zimwara <\/h6>\n

\nTerence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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