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We’re the target of false media reports, says Flutterwave

Kenya , 07 Jul 2022

Company neither denies or confirms if bank accounts have been frozen.

The High Court in Kenya has frozen local accounts held by Nigeria-based Fintech company, Flutterwave as suspicion of money laundering and fraud hovers over the company, media outlets in Kenya have reported.

According to the High Court proceedings, Flutterwave-linked accounts in Guaranty Trust Bank (GTB), Kenya Commercial Bank, Co-operative Bank, Equity Bank and EcoBank, reflecting approximately US$52-million, have been frozen pending investigation.

The Asset Recovery Agency, which made the application to have the accounts frozen, said that it suspected money laundering where funds’ sources, location and movement were concealed.

In April, the company vehemently denied accusations of improper business conduct in an article published on

Most recently, Flutterwave released a statement in which it refuted the claims: “Claims of financial improprieties involving the company in Kenya are entirely false and are being circulated as part of a disinformation campaign. Flutterwave has been a target of deliberate false media reports and misrepresentations.”

The company added that they provide a collection and payment service on behalf of merchants and corporate entities. The company earns its fees through transaction charges.

“We are a financial technology company that maintains the highest regulatory standards in our operations. Our Anti-money laundering (AML) practices and operations are regularly audited by one of the big 4 firms. We remain proactive in our engagements with regulatory bodies to continue to stay compliant,” the company continued.

Flutterwave did not confirm or deny if its accounts had been frozen and said only that it vowed to investigate the issues raised in the media.

Flutterwave was valued at more than US$3-billion after its US$250-million Series D fundraise in February this year, making it Africa’s largest unicorn. 

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