The financial impropriety charges leveled against Flutterwave about seven months ago by the Kenyan Government have been dropped.
According to a Bloomberg report, and Robert Gitau, a lawyer representing Flutterwave, the withdrawal of the charges was noted in a Kenyan High Court document.
In July 2022, the Nigerian fintech startup was accused of money laundering and had its accounts in Kenya frozen. The Asset Recovery Agency (ARA) in Kenya issued orders to a high court to freeze 56 accounts holding Sh7 billion ($59.2 million) belonging to foreign nationals and entities including Flutterwave.
The company being accused of mismanaging funds and engaging in these illicit financial dealings created a buzz in the financial and tech communities, as many questioned the future of the company and the impact this would have on its reputation.
Flutterwave had denied the money laundering charges saying that “claims of financial improprieties involving the company in Kenya were entirely false”
In August 2022, the ARA froze another Sh400.6m ($3.3 million) in banks, M-Pesa linked to Flutterwave.
With the case now behind them, Flutterwave can focus on its future and the growth of its business. The company has already established itself as a leader in the African financial technology space and continues to expand its offerings and reach. It is likely that the dismissal of the financial impropriety case will only further solidify the company’s position in the market, as it demonstrates its commitment to transparency and good business practices.