Flutterwave, responding to the allegations of money laundering slammed against them have openly debunked the claims referring to them as entirely false.
The company made this known on Thursday, in a statement through Wendy, the Head of branding And storytelling.
In the statement Flutterwave says that the company has been a target of deliberate false media reports and the same information going around now is a continuation of the campaign to defame their public image.
The company also debunked the allegation that they’re hiding behind the cover of merchants by informing the public that it is actively engaged in the merchant practice and earns it’s profits from the process by serving different clients with proofs of transactions.
The statement reads, “Claims of financial improprieties involving the company in Kenya are entirely false and are being circulated as part of a disinformation campaign. Flutterwave has been a target of deliberate false media reports and misrepresentations.
“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.”
BACKGROUND
Earlier, Swagenews had reported that a High Court has frozen more than Sh6.2 billion spread in 62 bank accounts belonging to Flutterwave and four Kenyans on allegations of card fraud and money laundering.
The billions in Guaranty Trust Bank (GTB), Equity, EcoBank, KCB and Co-operative Bank accounts were frozen after the Assets Recovery Agency (ARA) applied to block the transfer or withdrawal, pending the filing of a petition to have the money forfeited to the government.
The agency said in court filings that their investigations revealed the cash was wired in the guise of payments for goods and services.
“That the 1st Respondent’s bank accounts received billions in a suspected scheme of money laundering and the same deposited in different bank accounts in an attempt to conceal or disguise the nature, source, location, disposition or movement of the said funds,” said ARA.
“The transactions were done using cards issued by the same bank, at the same point, on the same day, raising suspicion of card fraud.”
According to the investigators, Flutterwave accounts had Sh5.17 billion in 29 accounts at GTB, Equity and Eco Bank in Kenya shillings, US dollars, Euros and Sterling pounds.
The order granted by the court will be order for 90 days and the case will be mentioned on November 7.
