Wednesday, March 22, 2023
  • Home
  • TechBooky
  • Business
  • TV
  • Startup
TechBooky Africa
  • Home
  • TechBooky
  • Business
  • TV
  • Startup
  • Fintech/Finance
  • Login
No Result
View All Result
TechBooky Africa
Home Fintech/Finance

The Kenyan Regulators Have Discharged And Acquitted Flutterwave.

Eni by Eni
February 5, 2023
in Fintech/Finance
0

Flutterwave Kenya

The Kenyan High Court has reportedly discharged and acquitted Flutterwave Kenya after being charged for operating without a license which lasted for several months. The Nigerian FinTech unicorn has also regained corporate assets the Kenyan regulators confiscated at the time they sanctioned its FinTech services.

Related posts

Flutterwave Egypt

Flutterwave Has Reportedly Acquired The Egyptian Payment Service License.

February 9, 2023
Amazon & Stripe

Stripe & Amazon Iterated Partnership Deal Will Integrate FinTech & Cloud Services For Global Penetration.

January 25, 2023

The Kenyan regulatory system communed its policies from inland regulators including the Central Bank of Kenya (CBK), the Asset Recovery Agency (ARA), and the local High Court to scold the Nigerian FinTech unicorn for defaulting its policy.

Aside from being scolded for operating without a FinTech license, recall that Techbooky Africa reported the lawsuit Flutterwave faced tagged with multiple allegations such as money laundry, card fraud, faux customers database, and other charges.

Flutterwave’s denial of the Kenyan regulators’ allegations didn’t restrain the ARA from freezing the Nigerian FinTech company’s monetary asset, nor restrain the CBK from communing with the MPC to suspend its operations due to no license and sanction its corporate alliance to commercialize with other entities.

The inland High Court approved the lawsuit to scold Flutterwave for defaulting its regulatory policies due to the allegations the ARA claimed the Nigerian FinTech unicorn was siphoning millions of dollars via the Kenyan shillings.

In August 2022, the Kenyan regulatory system scolded Flutterwave alongside another FinTech unicorn from Nigeria incorporated as Chipper Cash. The pressure from the Kenyan regulators influenced Flutterwave to terminate its virtual card services dubbed Barter Card which is used to complete domiciliary transactions.

However, the Nigerian FinTech unicorn denied its indulgence in laundering foreign currencies into the Kenyan money market. At the time, Flutterwave said its enormous business capital was generated from generous offerings from venture capitalists and other angel investors.

Flutterwave gained the limelight in its host country before expanding its FinTech solutions to East Africa which complicated its services. The Nigerian FinTech unicorn is currently worth more than $3 billion in business capital having gained its status quo as an African FinTech giant.

Flutterwave has reportedly raised up to half a billion dollars from foreign investors posing as venture capitalists and angel investors. It is a no-brainer that the Kenyan regulatory system has confirmed the Nigerian FinTech unicorn source of business capital is as legitimate as the entity itself having consent to discharge and acquit Flutterwave.

The Kenyan regulators have also unfrozen Flutterwave’s business account holding the company’s business capital in local shillings. Still, the announcement did not disclose if the Nigerian FinTech unicorn will or has acquired its FinTech license from the local apex bank to continue FinTech operations in Kenya.

Total
0
Shares
Share 0
Tweet 0
Pin it 0
Share 0
Tags: FlutterwavekenyaRegulatory policyRegulatory systems
Previous Post

Audi Invest R45 Million In South Africa To Deploy EV Charging Infrastructure.

Next Post

Google Introduces Bard, A Conversation AI Bot To Enhance “Search” And Its Engine.

Next Post
Google LaMDA's Bard

Google Introduces Bard, A Conversation AI Bot To Enhance “Search” And Its Engine.

RECOMMENDED NEWS

As Good As The e-Naira Sounds, It Could Still Be A Big Flop. Here’s Why

As Good As The e-Naira Sounds, It Could Still Be A Big Flop. Here’s Why

2 years ago
Naira’s Significant Increase Against USD Per P2P Foreign Exchange Market Capitalization.

Naira’s Significant Increase Against USD Per P2P Foreign Exchange Market Capitalization.

12 months ago
Standard Chartered Bank Tweaks Mobile App For Kenyan Shilling Investors

Standard Chartered Bank Tweaks Mobile App For Kenyan Shilling Investors

1 year ago
Nigeria’s Kuda Raises $55m In Series B Round, Valued At $500m

Nigeria’s Kuda Raises $55m In Series B Round, Valued At $500m

2 years ago

FOLLOW US

  • 70.9k Followers

BROWSE BY CATEGORIES

  • App
  • Banking
  • Business
  • Cryptocurrency
  • Cybersecurity
  • East Africa
  • Economy
  • Enterprise
  • Event
  • Fintech/Finance
  • Funding
  • Gadget
  • Government
  • Insight
  • Internet
  • Investment
  • Nigerian/African Tech
  • North Africa
  • Personnel
  • Research/How to do it
  • Service
  • Social Media
  • Southern Africa
  • Startup
  • Telecom
  • Transport
  • Uncategorized
  • West Africa

BROWSE BY TOPICS

5g acquisition africa app banking CBDC cbn central bank of nigeria cloud cryptocurrency Crypto market cybersecurity e-commerce east africa ecommerce economy eNaira enterprise fintech Fraud funding Fundraising google government inec internet investment kenya License mtn ncc nigeria Regulator remittance ride hailing seed social media software south africa startup technology telecom twitter west africa y combinator

Featured Categories

App
19 Posts
View Posts
Banking
17 Posts
View Posts
Business
7 Posts
View Posts
Cryptocurrency
28 Posts
View Posts
Cybersecurity
13 Posts
View Posts
East Africa
24 Posts
View Posts
Economy
18 Posts
View Posts
Enterprise
31 Posts
View Posts
Event
9 Posts
View Posts
Fintech/Finance
85 Posts
View Posts
Funding
29 Posts
View Posts
Gadget
11 Posts
View Posts
Government
55 Posts
View Posts
Insight
4 Posts
View Posts
Internet
20 Posts
View Posts
Investment
18 Posts
View Posts
Nigerian/African Tech
31 Posts
View Posts
North Africa
2 Posts
View Posts
Personnel
2 Posts
View Posts
Research/How to do it
2 Posts
View Posts
Service
11 Posts
View Posts
Social Media
19 Posts
View Posts
Southern Africa
17 Posts
View Posts
Startup
83 Posts
View Posts
Telecom
37 Posts
View Posts
Transport
11 Posts
View Posts
Uncategorized
2 Posts
View Posts
West Africa
41 Posts
View Posts
No Result
View All Result
Loading
  • The FG/CBN Signed A Partnership Deal With R3 Technology To Rehabilitate eNaira.
    • February 22, 2023
  • This Tool Helps With Complex Percentage Computations
    • February 13, 2023
  • Starlink Rwanda
    The RSA Licensed Starlink To Officiate Its Satellite Network Operations In Rwanda.
    • February 9, 2023
  • Google LaMDA's Bard
    Google’s Bard AI Bot Inaccuracy Influenced Alphabet Market Value Loss By 9%.
    • February 9, 2023
  • Flutterwave Egypt
    Flutterwave Has Reportedly Acquired The Egyptian Payment Service License.
    • February 9, 2023
TechBooky Africa

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc.

Follow us on social media:

Recent News

  • The FG/CBN Signed A Partnership Deal With R3 Technology To Rehabilitate eNaira.
  • This Tool Helps With Complex Percentage Computations
  • The RSA Licensed Starlink To Officiate Its Satellite Network Operations In Rwanda.

Category

  • App
  • Banking
  • Business
  • Cryptocurrency
  • Cybersecurity
  • East Africa
  • Economy
  • Enterprise
  • Event
  • Fintech/Finance
  • Funding
  • Gadget
  • Government
  • Insight
  • Internet
  • Investment
  • Nigerian/African Tech
  • North Africa
  • Personnel
  • Research/How to do it
  • Service
  • Social Media
  • Southern Africa
  • Startup
  • Telecom
  • Transport
  • Uncategorized
  • West Africa
  • Home
  • TechBooky
  • Business
  • Video
  • Contact Us

© 2022 Techbooky Africa .

No Result
View All Result
  • Home
  • TechBooky
  • Business
  • TV
  • Startup

© 2022 Techbooky Africa .

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In