Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Industries Tech News

Kenyan central bank governor says Flutterwave, Chipper Cash not licensed to operate in Kenya

Chike Olisah by Chike Olisah
July 28, 2022
in Tech News
Kenyan central bank governor says Flutterwave, Chipper Cash not licensed to operate in Kenya
Share on FacebookShare on TwitterShare on Linkedin

The Central Bank of Kenya (CBK) says that leading African Fintech firms, Flutterwave Payment Technology Limited and Chipper Cash, are not licensed to operate remittances or payment services in the East African country.

Flutterwave and some other Fintech companies have been subject of intense scrutiny by the Kenyan government over the past few months with their operations being affected.

This was made known on Thursday by the Governor of CBK, Patrick Njoroge, at a press conference following a meeting of the Kenyan apex bank’s Monetary Policy Committee in Nairobi.

RelatedPosts

Why Nigerian FinTechs are facing fraud charges in Kenya

We submitted application for a licence in Kenya since 2019: Flutterwave

What the CBK Governor is saying

Njoroge, who singled out Flutterwave and Chipper Cash for not having operator permit during the virtual press briefing, said, “Flutterwave is not licenced to operate as a remittance provider or payments service provider in Kenya. They are not licenced to operate and therefore, they should not be operating and I think Chipper Cash, we could also say the same.’’

What you should know

  • Recall that about 3 weeks ago, a Kenyan High Court had seized Sh7 Billion ($59 million), from 56 accounts belonging to Flutterwave and some other Fintech companies over allegations that they were being used as conduits for money laundering in the guise of providing merchant services.
  • Kenya’s Asset Recovery Agency (ARA) had informed the court that the company’s account received billions of shillings and the same was deposited in different bank accounts in an attempt to conceal the nature, source or movement of the funds.
  • However, in its reaction, Flutterwave Kenya, dismissed the claims, denying involvement in any financial improprieties in the guise of providing merchant service as contained in recent reports, saying that it earns its fees through a transaction charge, records of which are available and can be verified.
  • The Kenyan court still granted the order freezing three Flutterwave accounts with funds amounting to about $43 million in various currencies.
  • African cross-border fintech startup, Chipper Cash is a financial services company that features a software application platform that enables free instant cross-border mobile money transfers in Africa as easy as sending a text message. The company was founded in 2017 and is headquartered in San Francisco, California.

Kenya, which is a pioneer in mobile money with M-Pesa, has been mulling the idea of launching a Central Bank Digital Currency in the country, which is considered a major market in the African continent for mobile payments and remittances.

News continues after this ad


Related

Tags: CBKCentral Bank of KenyaChipper cashFlutterwave Payment Technology LimitedPatrick Njoroge

Comments 2

  1. Naija Marketplace says:
    July 28, 2022 at 10:00 pm

    Fintech should not only leverage on marketing spend but get the right license with governmental bodies and agencies.

    Reply
  2. Caleb says:
    July 30, 2022 at 5:41 am

    Flutterwave again, that was how a betting company 86 FB said flutterwave held their money, hence they could not pay thousands of people their profit, I think fkutterwave is becoming a scam. They should be investigated

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • How to check 2022 WAEC result using SMS, online portal or serial number
    • Mark Zuckerberg says WhatsApp users can now exit groups unnoticed with new privacy features
    • Lafarge Africa H1 2022 earnings contracts by 37% despite growing demand for cement

    Follow us on social media:

    Recent News

    WASSCE 2020 records 65.24% credit pass in 5 subjects, including Mathematics and English

    How to check 2022 WAEC result using SMS, online portal or serial number

    August 9, 2022
    Mark Zuckerberg says WhatsApp users can now exit groups unnoticed with new privacy features

    Mark Zuckerberg says WhatsApp users can now exit groups unnoticed with new privacy features

    August 9, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com