2 years ago
The Nigerian fintech unicorn, Flutterwave, reportedly said it submitted an exertion for a outgo work supplier licence to the Central Bank of Kenya backmost successful 2019. The fintech besides said it has remained successful changeless interaction with the cardinal slope and is hopeful it volition get the license.
CBK Allegations
The Nigerian fintech elephantine Flutterwave has said it submitted an operating licence exertion to the Central Bank of Kenya (CBK) backmost successful 2019. Flutterwave’s determination to dispel concerns it whitethorn beryllium operating illegally follows the CBK’s determination to barroom Kenyan fiscal institutions from having concern dealings with fintech groups.
As antecedently reported by Bitcoin.com News, the CBK’s directive to fiscal institutions was issued soon aft CBK politician Patrick Njoroge told journalists that Flutterwave and Chipper Cash were moving wealth remittance businesses without licensing and authorization from the cardinal bank. Similar allegations were besides made by Kenya’s Asset Recovery Agency, which went connected to block Flutterwave’s slope accounts holding much than $50 million.
After reports of the fintech’s Kenyan licensing troubles emerged, Flutterwave reportedly responded by suggesting that its introduction into this marketplace had been “through partnerships with banks and mobile web operators licensed by the Central Bank of Kenya.”
However, according to a report by Business Daily, Flutterwave present claims that successful summation to applying for an operating license, it has worked with the CBK and is inactive waiting to person the license.
“In 2019, arsenic our operations grew, Flutterwave submitted its exertion for a outgo work supplier licence. We person been successful changeless engagement with the Central Bank of Kenya to guarantee that we supply each the requirements and we look guardant to receiving our licence,” claimed a connection reportedly issued by the fintech.
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