Kenyan High Court has dropped charges of financial impropriety charges levelled against Nigerian fintech, Flutterwave Inc.
This comes seven months after the country’s Asset Recovery Agency took the fintech to court on the suspicion of money laundering and the court froze the bank accounts of one of Africa’s biggest startups on suspicion of money laundering.
“If indeed the Flutterwave was providing merchant services, there was no evidence of retail transactions from customers paying for goods and services. Further, there is no evidence of settlements to the alleged merchants,” Isaac Nakitare, an investigator with Kenya’s ARA said they obtained orders on April 4, 2022, to search and inspect the accounts.
The withdrawal of the charges was noted in a Kenyan High Court document and verified by Robert Gitau, a lawyer representing Flutterwave.
The drop of the case will come as a boost to the image of the fintech unicorn, Flutterwave.
The Lagos and San Francisco-based fintech company plans to expand its provision of cross-border transactions in multiple currencies for companies, including Alibaba’s Alipay, and Uber Technologies Inc. The company currently provides payment solutions in 30 countries.