Flutterwave Debunks Money Laundering Allegations in Kenya, Says “We Did Nothing Wrong”
Flutterwave payment technology limiteda leading Nigerian financial technology company, has reacted to media reports that it was involved in an alleged money laundering scheme in Kenya.
A statement from the company on Thursday said the claims are entirely untrue, stressing that it maintains the highest regulatory standards in its operations.
He further explained that as a payment platform, he collects fees through transaction fees and this could be verified.
Read the full statement below:
“Communication Regarding Media Reports on Flutterwave Kenya
“Allegations of financial irregularities involving the company in Kenya are entirely false, and we have the records to verify it.
“We are a fintech 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 Four firms. We remain proactive in our engagements with regulators to continue to remain compliant.
“Through our partner financial institutions, we collect and pay on behalf of merchants and corporations. In the process, we earn our fees through transaction fees, records of which are available and can be verified. As a business, we hold corporate funds to support our operations and provide services to all of our customers.
“By facilitating payments for the world’s largest organizations and everyday businesses, we process huge volumes of money and help grow the economy in Kenya and the rest of Africa.
“Flutterwave has a responsibility to ensure the integrity of the ecosystem, and we are committed to continuing to work with all stakeholders to maintain it. We are work to determine the motive behind the misrepresentations and have the records rectified.
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