Nigerian fintech company, Flutterwave Payment Technology Limited, has denied claims that it was involved in a $59 million money laundering scheme in Kenya which led to the closure of bank accounts operated by the company.
A Kenyan court had ordered the closure of 56 bank accounts operated by seven companies after the country’s Asset Recovery Agency told the court that the accounts were used as conduits for money laundering disguised as providing merchant services.
According to the ARA, “Investigations established that the bank accounts operations had suspicious activities where funds could be received from specific foreign entities which raised suspicion. The funds were then transferred to related accounts as opposed to settlement to merchants.”
According to a Kenyan daily, The Star, Flutterwave operated 29 bank accounts with Guaranty Trust Bank, 17 with Equity Bank and six with Ecobank.
Investigators say some of the funds in these accounts were transferred into fixed deposit accounts.