Report: Flutterwave CEO Bids to Recover Millions in Kenya

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According to reports, Olugbenga Agboola is the CEO and cofounder of Nigerian fintech Flutterwave. He visited Kenya recently to try to convince the country’s financial authorities to allow the firm access funds that have been blocked from July 2022. Agboola claimed that his company had made “a number of changes in the past year to ensure that all internal governance structures were best-in-class.” Money laundering Allegations Olugbenga Agboola is the co-founder of the startup and the CEO. This comes more than six months after a Kenyan high court granted an order to freeze Flutterwave’s bank accounts. Agboola also reportedly used his recent trip in East Africa to push for licensing of his company. Bitcoin.com News reported that more than 50 Flutterwave bank account held funds totaling nearly $60 million were frozen by the Asset Recovery Agency (ARA). Flutterwave was accused by the Asset Recovery Agency (ARA) of laundering money and flouting Kenyan payment system laws. According to a Business Daily report the ARA has withdrawn its case from the court that won it the December 2022 freeze order. According to the report, Flutterwave’s chances of regaining access the funds were increased by the withdrawal of the ARA and the dismissal of a case against it by around 2,000 disgruntled Nigerians. Agboola said, in relation to the Kenyan trip: “CBK invited us to reapply in December for a money transfer and payments service provider licenses.” Mobile money is based in Kenya. We have recognized the need and raised capital to invest in Kenya. Without Nairobi, it is impossible to build a global mobile money payment system. Agboola defended Flutterwave’s Kenyan operations and denied that they were not sanctioned. Agboola revealed that Flutterwave was seeking qualified global experts to assist with its processes. Fintech Growth and Regulatory Problems Agboola is quoted as saying that Flutterwave’s rapid growth and other African-based fintech companies often irritate regulators. This leads to increased suspicion and scrutiny. Agboola said that Flutterwave had made a number of changes in the past year to address concerns from regulators. He also stated that Flutterwave has hired Mastercard’s Emmanuel Efenure to strengthen its risk and governance. Register your email to receive a weekly update about African news delivered to your inbox.
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