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Kenya Freezes Bank Accounts of Flutterwave Over Money Laundering Allegation

On Wednesday, a high court in Kenya directed that all bank accounts belonging to Flutterwave and other companies linked to money laundering be frozen.



Flutterwave - Investors King

This is definitely not the best time for Flutterwave, Nigeria and indeed Africa’s most capitalised financial technology startup.

On Wednesday, a high court in Kenya directed that all bank accounts belonging to Flutterwave and other companies linked to money laundering be frozen.

The decision was after Kenyan Asset Recovery Agency (ARA) told the court that the accounts were used as conduits for money laundering and not for merchant services claimed.

“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,” said the Agency.

The companies affected were Flutterwave payment technology limited, Boxtrip travel and tours limited, Bagtrip travel limited, Elivalat fintech limited, Adguru technology limited, Hupesi solutions, Cruz ride auto limited and one Simon Ngige.

The court documents showed Flutterwave was registered on February 23, 2017 in Kenya. Its directors were listed as Olugbenga Agboola, David Mouko (Kenyan) and Flutterwave Inc.

Flutterwave operated 29 bank accounts with Guaranty Trust Bank, 17 with Equity Bank and 6 with Ecobank.

The Agency says 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.

In an affidavit, Isaac Nakitare, an investigator with the agency says they obtained orders on April 4 this year to search and inspect the accounts.

Nakitare says by the time he obtained the orders, the accounts at Guaranty Trust bank belonging to Flutterwave had a balance of Sh5.3 billion, Sh1.4 billion at Equity bank and other millions at Ecobank.

Some of the funds he said were transferred into fixed deposit accounts.

The Agency further established that Flutterwave was concealing the nature of its business by allegedly providing a payment service platform without authorization from the central bank of Kenya as required by section 12 of the national payment system act.

The accounts he said were used as conduits for money laundering in the guise of providing merchant services.

“If indeed the Flutterwave was providing merchant services, there was no evidence of retail transactions from customers paying for goods and services. Further, there is no evidence of settlements to the alleged merchants,” he said.

Flutterwave Denies Any Wrongdoing

On Thursday, Fluttwave denied any wrongdoing and described claims of financial improprieties involving the company’s operations in Kenya as false.

In a statement released by Wendy, the company’s head of communication, Flutterwave said it receives payment through its various financial institution partners and makes those payments on behalf of merchants and corporate entities on its platforms.

The statement reads, “Claims of financial improprieties involving the company in Kenya are entirely false, and we have the records to verify this.

“Through our financial institution partners, we collect and pay on behalf of merchants and corporate entities. In the process we earn our fees through a transaction charge, 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 our customers.

“By facilitating payments for the biggest organizations in the world and everyday businesses, we process significantly large volumes of money and contribute to growing the economy in Kenya, and the rest of Africa.

“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.

“Flutterwave has a responsibility to ensure the integrity of the ecosystem, and we pledge our commitment to continue to work with all stakeholders to uphold this. We are working to figure out the motive behind the publication, and have the records straightened.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq,, Investorplace, and many more. He has over two decades of experience in global financial markets.

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NowNow CEO And Co-Founder Sahir Berry Emerges as The Fintech Leader of The Year

Sahir Berry has bagged the fintech leader of the year award at the recently concluded 2022 leaders in fintech awards




Chief Executive Officer and Co-Founder of NowNow Sahir Berry has bagged the fintech leader of the year award at the recently concluded 2022 leaders in fintech awards.

Sahir was awarded the highest honor in acknowledgment of his innovative and leadership skills that have driven his Fintech company to deliver high-capacity services through its digital payments services, security innovation, and SME ‘Business in a Box’ solution; to boost financial inclusion across Africa.

NowNow is a unified commerce fintech platform that facilitates instant payments in Nigeria. It also gives customers control over how they spend their money.

Expressing his gratitude for being awarded the fintech leader of the year, Sahir said: “It brings me immense pleasure and honor to receive this distinguished award, on behalf of not only myself but the entire NowNow team.

“Since we began our journey, NowNow has championed innovation and operational excellence, working relentlessly to carefully construct a dynamic ecosystem of financial solutions, products, and services for our consumers.

“We are thrilled to see our work and achievements being honored for its innovative technology solutions, a clear testament to how much NowNow resonates with consumers, enterprises, and agents in pushing the boundaries of financial inclusion.

“As we go on, we promise to continue creating solutions spanning digital banking, personal finance, lending, payments, and investments that revolutionize our financial ecosystem.

This award comes a year after NowNow was named the “Best Mobile Fintech Solution” at the 2021 Leaders in Fintech awards for its exceptional results in helping the financial services industry move forward through innovations.

It should be recalled that on September 8, 2022, Investors King reported that NowNow raised $13 million in a seed round to deepen financial inclusion across Africa by providing financial services to the unbanked and underbanked.

The fintech startup also disclosed its plans to use the funds to drive financial empowerment, as well as introduce new products that will further enhance its already existing consumer banking, agency banking, and merchant payment solutions. 

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OPay, Paga, Others Makes CB Insights List of Promising Fintech Startups 2022

Nigerian-owned fintech startups, OPay, Paga and TeamApt make the annual CB Insights 250 list of promising fintech startups for 2022.



fintech - Investors King

Nigerian-owned fintech startups, OPay, Paga and TeamApt make the annual CB Insights 250 list of promising fintech startups for 2022.

In the annual list, The Fintech 250, which comprises of 250 most promising private fintech companies in the world, OPay was ranked fourth out of the six African Fintech startups that made the list, with total funding of $570 million.

Paga and TeamApt with total funding of $38 million and $58 million were listed fifth and sixth, respectively

Jumo, a leading South Africa mobile payments company for banks and network operators, came first with $267 million. KuCoin, a cryptocurrency exchange platform registered in Seychelles, with $180 million in total funding was ranked second on the list of six most promising African fintech startups.

MFS Africa, a fintech company that connects service providers and customers in South Africa, with $281 million total estimated funding.

According to CB Insights, this year’s winners were chosen based on factors like proprietary Mosaic scores, funding, market potential, business relationships, investor profile, news sentiment analysis, competitive landscape, team strength, and tech novelty.

In addition, the report also noted that factors such as rising inflation, interest rate hikes, and struggling public tech stocks have made it more difficult for new and emerging fintech startups to make a dent in the already maturing fintech market.

OPay, Nigeria-Chinese owned most capitalised firm on the list, raised the most money but factors like the high inflation rate of 20.52%, interest rate of 15.5% and a weak local currency impacted the company’s ranking on the list. 

The same goes for MFS Africa, ranked below Jumo and KuCoin.

Paga is a leading mobile money company that is building an ecosystem to enable people to digitally send and receive money, and creating simple financial access for everyone.

TeamApt is Nigeria’s largest business payments platform, supporting over 400,000 businesses to get paid; processing $100 billion annualized run-rate transaction value, via its products – Moniepoint and Monnify.

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Sofri Partners CarePay to Commemorate Independence Day with Discounted Healthcare Services

Sofri partners with CarePay to offer discounts up to 37.5% on healthcare services



Sofri, a financial product of Links Microfinance Bank (member, DLM Capital Group), in partnership with CarePay, a healthcare fintech in commemoration of Nigeria’s 62nd. Independence celebration is offering Nigerians, discounts up to 37.5% on healthcare services.  

In partnership with CarePay, Sofri will provide all its Mastercard debit card users up to 37.5% discounts at over 300 CarePay healthcare provider locations across Nigeria. Some of the participating healthcare providers include MedPlus, HealthPlus, Synlab, Smile 360 Dental, Reddington Hospital Group, Outreach Hospital Group, Lily Hospital Group, Paelon memorial, Subol hospital, Bee-Hees Hospital, Exclusive Dental, Amara Medicare, Shield specialist hospitals, Pure Snow Dental, Bethel Dental, Optilens eye clinic and many more.

The Managing Director, Funsho Idowu, stated that the discounted healthcare services are part of the corporate social responsibility initiative of Sofri towards fostering increased accessibility and affordability of healthcare services for Nigerians. “It is very disheartening to find that many Nigerians cannot afford the healthcare services they need so we have partnered with CarePay to offer our Sofri Mastercard debit cardholders up to 37.5%discount on the CarePay discount card preferred provider network beginning from 1st October. This is a bold CSR project for our brand, and we are committed to making a significant impact on the healthcare and wellbeing of our customers.

CarePay’s Managing Director, Yomi Sule, remarked that the brand is delighted to work with Sofri to offer Nigerians affordable healthcare services in celebration of Nigeria’s Independence. “There is no minimum spend and requirement and the discounts apply to all services and medical products offered by the healthcare merchants,” he further explained.

To access the offer, customers must download the Sofri app, sign up for a Sofri debit card, and visit the brand’s social media (@banksofri) to access the list of CarePay healthcare merchant locations they can visit around them.

Sofri offers loans, savings, investment, and payment services to all Nigerians.  CarePay’s healthcare discount business model allows financial services enterprises to embed healthcare benefits such as discounts, cashbacks, and telehealth into their value proposition to drive affordability of healthcare services for their customers and brand loyalty for the enterprises.

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