We are issuing this statement in response to recent media reports from Kenya concerning the freezing of our company accounts and mobile money wallets by the High Court in Nairobi.
We do confirm that some of our accounts have been frozen by the High Court in Nairobi for 14 days. It is important to highlight that this is a procedural step in such civil cases, and nothing more. We are of the view that the article(s) intentionally sensationalizes the matter and seeks to cast doubt on our operations.
Important to note is that last year, during our routine Know Your Customer (KYC) checks, we noticed that a few companies were using our platform to process payments for a company named 86FB/86Z. We identified that some direct merchants of Flutterwave were processing transactions on our platform for 86FB/86Z without our approval or authorization to do so.
As a result, we notified the merchants to cease processing, settled all due funds and suspended their use of the Flutterwave platform. In addition to this, the case was reported to the appropriate regulatory and law enforcement bodies in Nigeria.
We wish to inform members of the public that we are not a bank and as such, we do not keep deposits or customer funds like a bank would. We help people process payments. Therefore, any allegations made against us of holding merchants’ funds are entirely false.
In view of the above, we would like to confirm that we have always prioritized compliance and diligently followed all necessary procedures for our customers, ensuring transparency, security, and regulatory compliance at all times.
Our company has invested substantial resources in building a robust and comprehensive KYC framework, aligning our operations with global best practices. This framework includes extensive due diligence measures to verify the identities and legitimacy of our customers, as well as strict adherence to anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.
We have consistently cooperated with regulatory authorities, providing them with the necessary information and documentation to demonstrate our compliance. All transactions passed through Flutterwave’s payment platform are treated and settled in line with regulatory requirements.
The allegations made by the media outlets are not only baseless but also misrepresent the dedication and effort our company has put into maintaining the highest standards of ethical conduct.
It is egregious that these inaccurate reports have been published without proper verification of facts, causing harm to our reputation. We are actively reviewing our legal options to address this matter.
We assure our valued customers, partners, and stakeholders that this incident will not hinder our ongoing commitment to providing exceptional services and maintaining the highest level of professionalism.