Kenyan govt drops fraud charges against Flutterwave ahead of IPO

The Kenyan government has dropped the financial impropriety charges against Nigerian Financial Technology company, Flutterwave.

The Kenyan government in July last year blocked 62 bank accounts with Sh6.2 billion ($59.2 million) belonging to Flutterwave and some other firms.

Another $3.3 million belonging to Flutterwave was also seized two months later amid accusations that the FinTech firm and some companies were involved in card fraud and money laundering.

The company later denied the allegations in a statement issued a few days later.

“Claims of financial improprieties involving the company in Kenya are entirely false, and we have the records to verify this,” it stated.

However, in court documents confirmed by its attorney, Robert Gitau, Flutterwave said the case has been dropped.

READ ALSO: Flutterwave reacts amid N44 billion money laundering allegation

The documents were seen by journalists on Sunday.

“We are a financial technology company that maintains the highest regulatory standards in our operations,” it stated.

The development comes as the company prepares for an Initial Public Offer (IPO) in the United States this year.

Several accusations against Flutterwave had threatened the IPO.

However, the Kenyan government’s decision to drop the case will be a major boost for Flutterwave in its bid to raise more funds for its operations.

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