Flutterwave, the San Francisco and Lagos-based fintech unicorn led by Nigerian tech billionaire and entrepreneur Olugbenga Agboola, will regain access to $52.5 million in frozen funds as the Kenyan government has withdrawn its allegations of financial wrongdoing.
The recent development comes more than seven months after the Kenyan High Court froze more than $52.5 million in cash deposits spread across 62 bank accounts belonging to the Nigeria-based startup on suspicion of being the proceeds of card fraud and money laundering.
The deposits were spread across several banks, including Guaranty Trust Bank, Equity, EcoBank, KCB, and Co-operative Bank, and the ARA applied for a block on transfers and withdrawals until a petition could be filed for forfeiture to the government.
Following Flutterwave’s rebuttal of accusations of financial wrongdoing, the Kenyan government has taken the decisive step of withdrawing its charges against the innovative fintech company.
The move was prompted by the Asset Recovery Agency filing a motion to dismiss the lawsuit and lift the freeze on assets. The final confirmation of this withdrawal decision will be determined during a hearing in the High Court on Feb. 14.
Last week, talks between Flutterwave and ARA reached a decisive moment when CEO and Co-Founder Olugbenga Agboola traveled to Kenya in pursuit of a license from the Central Bank of Kenya. This comes as the fintech company secured Payment Services Provider and Payment Facilitator licenses in Egypt, paving the way for the launch of its North African operation.
The Nigerian tech billionaire stated that the licenses in Egypt are a testament to the company’s unwavering commitment to delivering high-quality payment services and connecting businesses with their customers with ease.
“This is a testament to our commitment to providing first-class payment services to seamlessly connect businesses with their customers,” Agboola said. “Our vision is to connect all parts of Africa through payments and connect Africa to the world, this way, it is easier for multinationals to expand into Africa.”
