Flutterwave to Invest $50 Million in Kenyan Payments and Remittance Market

Editorial Desk
By Editorial Desk 1 Min Read

Flutterwave has announced plans to invest $50 million (Sh7.33 billion) in the Kenyan payments and remittance market.

This decision was shared by the company’s founder, Olugbenga Agboola, during an event held in Nairobi. Flutterwave will proceed with this investment once it has obtained a full license from the Central Bank of Kenya.

The payments firm currently operates in ten African nations, including Nigeria and South Africa, and is duly registered in California as a payment technology and infrastructure firm. The company was co-founded by Iyinoluwa Aboyeji and Adeleke Adekoya.

In recent times, Flutterwave faced a legal challenge when High Court judge Alfred Mabeya froze its 45 bank accounts due to allegations of money laundering.

Justice Mabeya, while granting the court order, emphasized the urgency of the matter and stipulated that the freezing of the bank accounts, bank keys, and mobile money wallets would only be effective for a period of 14 days. The court further directed that the application be served for directions on 21st June 2023.

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