The Central Bank of Kenya (CBK) revealed that Flutterwave and Chipper Cash are not licensed to operate in the country (Kenya).
Kenya’s Central Bank Governor, Patrick Njoroge made this known on Thursday at Nairobi, the country’s capital during a media briefing after its Monetary Policy Committee (MPC) meeting.
Flutterwave is a Nigerian fintech company that provides a payment infrastructure for global merchants and payment service providers. While Chipper Cash enables customers to send and receive money across borders.
Njoroge said the two fintech firms are not allowed to operate remittance services or offer payment solutions to merchants in Kenya.
“Flutterwave is not licensed to operate as a remittance provider or, for that matter, as a payments service provider in Kenya,” Njoroge said.
“They are not licensed to operate, and therefore they shouldn’t be operating, and Chipper Cash, we could also say the same.”
Flutterwave is currently facing allegations of money laundering by Kenya’s Assets Recovery Agency (ARA).
BizWatch Nigeria recalls that a Kenyan high court had frozen more than Sh6.2 billion spread in 62 bank accounts belonging to Flutterwave and four Kenyans based on suspicion that the funds are proceeds of card fraud and money laundering.
However Fluterwave denied the allegatioon.
“Claims of financial improprieties involving the company in Kenya are entirely false, and we have the records to verify this,” Flutterwave had said.
“We are a financial technology company that maintains the highest regulatory standards in our operations.
“Our anti-money laundering practices and operations are regularly audited by one of the Big four firms. We remain proactive in our engagements with regulatory bodies to continue to stay compliant.”
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