• Thu. Aug 11th, 2022

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Kenya Central Bank Orders Financial Institutions to Stop Dealing With Two Nigerian Fintechs

In a alphabet addressed to the CEOs of economic institutions, the Central Commercial bank of Kenya (CBK) states financial institutions operating in the country will have to cease and desist from dealing with two Nigerian fintechs, Flutterwave and Chipper Profits. The letter reiterates your current CBK governor Patrick Njoroge and the Asset Recovery Channel (ARA)’ s assertions the two companies are not qualified to operate in Kenya.

Flutterwave and Chipper’ after hour Clash With the CBK


Some sort of Central Bank of Kenya (CBK) has ordered financial institutions in the country to cease and thus desist from dealing with 3 Nigerian fintech startups Flutterwave and Chipper Cash. The most important order came barely twenty four hours after the CBK governor, Tanker Njoroge, had told journalists that the two tend to be are not licensed to operate when it comes to Kenya.

Kenyan Central Loss mitigation department Orders Financial Institutions to Stop Information on Two Nigerian Fintechs

Before the announcement at the CBK, a High Court with Kenya had ruled which unfortunately Flutterwave’ s bank accounts you ought to be frozen to make way for one specific probe into the fintech giant’ s alleged illegal sporting activities. The court ruling next enabled Kenya’ s Assets Recovery Agency (ARA) to block Flutterwave’ s access to better 50 bank accounts which reportedly hold nearly $60 people of.

As previously reported by Bitcoin. com Scoops, the ARA has asserted that Flutterwave is not supplying merchant services as per advises but is instead that went into money laundering activities. Nonetheless Flutterwave dismissed one of the allegations and claimed to “ have the records that will help verify this. ” These fintech unicorn, which raised $250 million earlier this year, also claimed it “ maintains the highest regulatory needs in our operations. ”

Additionally , the fintech firm’ states statement claimed its “ anti-money laundering practices but operations are regularly audited by one of the Big Great firms. ”

CEOs of Financial Financial institutions Told to Confirm Their Acquiescence


While Flutterwave suggested in its statement that is working with often the regulators, Njoroge’ s information and the CBK’ s right after letter to CEOs associated with Kenyan financial institutions dated Commonly 29, reiterate ARA’ beds allegations that Flutterwave was engaged in “ money remittance and payment services without using licensing and authorization. ”

Meanwhile, in addition to informing and the heads of the Kenyan finance companies about the two fintechs’ sprinting license status, the traditional also demands the CEOs to confirm their compliance through the order within seven days.

“ You are therefore directed to routinely cease and desist totally from dealing with Flutterwave and Chipper. You are thereafter required, within the seven days of the date for this letter to confirm to CBK your compliance with the avis, ” the CBK’ stunning letter reads.

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