Sharp Daily
No Result
View All Result
Tuesday, June 3, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

Flutterwave Is Not Licenced To Operate In Kenya – CBK

Editor SharpDaily by Editor SharpDaily
July 28, 2022
in News
Reading Time: 2 mins read
Flutterwave

[Photo/ Courtesy]

The Central Bank of Kenya (CBK) has declared  Nigerian fintech Flutterwave and Californian firm Chipper Cash illegal entities in Kenya.

This comes weeks after the High Court froze financial assets belonging to Flutterwave amounting to Ksh6.2 billion spread in 62 bank accounts.

“Flutterwave is not licenced to operate as a remittance provider or payments service provider in Kenya. They are not licenced to operate and therefore, they should not be operating & I think Chipper Cash, we could also say the same,” said CBK governor Dr Patrick Njoroge.

Chipper Cash is a venture-capital-backed fintech offering free and instant Peer-to-peer Cross-border payments in Africa and Europe. The four-year old company is headquartered in San Francisco, California.

RELATEDPOSTS

Real yields vs. nominal yields on Kenya’s government bonds

May 21, 2025

Kenya’s risk-based credit pricing: Five years on

April 24, 2025

Read: Ksh6.2B Linked To Nigeria’s Flutterwave Frozen In Kenya

In a case filed by the Assets Recovery Agency (ARA), the firm, alongside four Kenyans are accused of conducting suspicious transactions and failing to comply with financial regulations in Kenya. The money is suspected to b proceeds of card fraud and money laundering.

“That the 1st Respondent’s bank accounts received billions in a suspected scheme of money laundering and the same deposited in different bank accounts in an attempt to conceal or disguise the nature, source, location, disposition or movement of the said funds,” said ARA.

“The transactions were done using cards issued by the same bank, at the same point, on the same day, raising suspicion of card fraud.”

The money is held at several accounts in the Guaranty Trust Bank (GTB), Equity, EcoBank, KCB and Co-operative Bank.

Flutterwave accounts had Sh5.17 billion in 29 accounts at GTB, Equity and Eco Bank in Kenya shillings, US dollars, Euros and Sterling pounds.

Read: Flutterwave Announces Graduate Trainee Programme And Flutterwave Job Fair

Among the amounts frozen include Ksh467.1 million belonging to Boxtrip Travels and Tours, Ksh436 million in Bagtrip Travels Ltd accounts, Ksh1.16 million for Elivalat Fintech Ltd, Hupesi Solutions (Ksh1.6 million), Cruz Ride Auto Ltd (Ksh2.4 million). Simon Karanja Ngige, a director of Cruz Ride Auto Ltd, has Ksh14 million.

Investigations into Flutterwave began several months ago, and authorities obtained warrants to seize the firm’s accounts in April. The provisional seizure permit was granted for 90 days, and the matter will be heard on November 7.

Flutterwave is owned by Olugbenga Agboola, Adeleke Christopher, Iynoluwa Samuel and a company registered in the US, Flutterwave Inc.

Mr Agboola and his partners in Nairobi are accused of conducting about 185 online card payments using the same identification number.

Email your news TIPS to editor@thesharpdaily.com

Previous Post

Rigathi Gachagua Loses Ksh200 Million In Case Against State

Next Post

John Ngumi Appointed Safaricom Board Chairman

Editor SharpDaily

Editor SharpDaily

The latest in business, real estate, education, investments, tech and entrepreneurship, brought to you daily. Reach us through thesharpdaily@gmail.com

Related Posts

News

Co-op Bank posts KES 6.9 billion profit in Q1’2025

May 16, 2025
Agriculture And Economy
News

Lets get Kenya out of FATF list

May 9, 2025
News

The downside of Impact Investing

May 2, 2025
News

Leadership challenges at the University of Nairobi

April 24, 2025
News

Easter eggs and earnings: Growing your nest egg with CMMF

April 16, 2025
News

Geoffrey Ruku declares KES 377M net worth during CS vetting

April 15, 2025

LATEST STORIES

Best investments for Kenyan seniors: Secure, predictable & low-risk

May 30, 2025

Why June is the Secret Sweet Spot for Travel

May 30, 2025

Strategies to elevate more women to corporate leadership

May 30, 2025

Tap on Kenya’s 2025 tech revolution

May 30, 2025

How CURBS supports employers and employees

May 30, 2025

NSE deserves more attention from young investors

May 29, 2025

The silent strain of remote work on Kenya’s urban workforce

May 29, 2025

How Kenya’s crypto bill could reshape the digital economy

May 29, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024