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Although it has been challenging to enter Kenya, Flutterwave has announced that it will establish its primary operations station in Nairobi for the East African market.
In 2022, the company was charged with money-laundering schemes in Kenya.
Consequently, the Ethics and Anti-Corruption Commission (EACC), a corruption watchdog, closed down several of its local bank accounts. Due to this, over $52 million in funds were frozen.
In February 2023, a Kenyan court released the frozen funds after the Asset Recovery Agency of Kenya withdrew the case.
Before this, in 2016, through a partnership with KCB Bank, a financial services provider with its headquarters in Nairobi, Kenya, Flutterwave expanded into Kenya.
Additionally, the fintech company said as its operations expanded, it submitted its application for a Payment Service Provider licence in 2019.
Flutterwave said it had been in constant contact with the CBK to meet all the requirements to get its licence.
However, on July 29, 2022, the CBK — through the Deputy Director of Bank Supervision, Matu Mugo — instructed CEOs of financial institutions in Kenya to “cease and desist from dealing with Flutterwave and Chipper Cash”.
This might change if the company sets up a regional office in Nairobi.
It wasn’t all bad news: Flutterwave received permission from the Bank of Tanzania (BoT) to introduce its payment service in the Republic of Tanzania in 2022.
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