Flutterwave 56 Bank Accounts Frozen by a Kenyan High Courts Due to Money Laundering Allegations

The Accounts of Flutterwave which is a Financial Technology based company has been frozen by the Government of Kenya. The Kenyan Government is accusing the Fintech of money laundering.

Olugbenga Agboola Flutterwave CEO and co-founder

According to a report from Premium times Nigeria, Kenyan High Court has frozen the account of Flutterwave accusing Africa’s biggest fintech firm of money laundering after about 7billion Kenyan Shillings which is equivalent to $59 million were found from its various accounts.

Kenya National Flag

The Nigerian firm is one of the seven entities suspected to have been used as conduits for money laundering in the guise of providing merchant services, according to authorities in Kenya.

The court on Wednesday froze 56 bank accounts holding 7 billion Kenyan Shillings (about $59 million).

The report further stated that some companies like Boxtrip Travel and Tours Limited, Bagtrip Travel Limited, Elivalat Fintech Limited, Adguru Technology Limited, Hupesi Solutions, and Cruz Ride Auto Limited were all affected by the same issue. The newspaper reported that one Simon Ngige was also on the list of those accused.

This is coming just a month after the company was accused of insider trading, perjury, and sexual harassment.

However, the company has denied all the allegations labelled against it by the Kenyan Government.

According barristerng, Flutterwave is Africa's largest Fintech with a valuation of over $3 billion, it has the largest tech startup raising at least $475 million in funding since 2016, making it the continent’s foremost unicorn ahead of Chipper Cash, Andela, Interswitch and Jumia.

Flutterwave is co-owned and managed by Gbenga Agboola a Nigerian.

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