Financial impropriety case against Flutterwave Thrown Out


Kenya has dropped charges of financial impropriety against Flutterwave Inc., about seven months after a court in the East African country froze the bank accounts of one of Africa’s biggest fintech.

The withdrawal of the charges was noted in a Kenyan High Court document seen by Bloomberg and verified by Robert Gitau, a lawyer representing Flutterwave.

Dropping the case comes as a boost to Flutterwave, a Lagos and San Francisco-based financial technology company, that plans to expand its services of facilitating cross-border transactions in multiple currencies for companies, including Alibaba’s Alipay, Uber Technologies Inc..

The court in July restricted access to its Kenyan bank accounts holding more than $40 million, amid suspicion of financial impropriety, allegations by the Central Bank of Kenya (CBK).

Flutterwave has always denied those allegations.

Bloomberg reports that Alice Mate, director in charge of the Kenya’s Assets Recovery Agency which filed the case, didn’t immediately respond to a request for comment sent after official hours on Friday, while a representative of Flutterwave also declined to comment when contacted.

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