The Asset Recovery Agency’s case against Flutterwave, Africa’s fintech giant, has been officially closed by the Kenyan High Court. The court criticized the agency for pursuing legal action without conducting a proper investigation, denouncing it as reckless and inappropriate. This decision not only concludes the scrutiny of Flutterwave Payments Technology Limited Kenya’s bank accounts but also grants the company unimpeded access to contribute to Kenya’s fintech sector without legal uncertainties.
Earlier this year, ARA, as reported by Bloomberg, withdrew all charges against Flutterwave, citing investigative errors. In response to the recent judgment, Flutterwave expressed appreciation, stating that it welcomes the ruling that vindicates the company from any wrongdoing. The court’s decision is seen as an affirmation of Flutterwave’s commitment to ethical business practices and the highest standards of integrity.
The fintech giant remains focused on its mission to deliver outstanding products and services while positively contributing to communities across Africa. Flutterwave acknowledged the support and trust received from customers, employees, investors, and stakeholders throughout the challenging legal proceedings. Emphasizing its commitment to obtaining licensing from the Central Bank of Kenya, Flutterwave aims to strengthen its market position.
The company is now channeling its efforts into acquiring the necessary license in Kenya, expanding its operations, and continuing to support local businesses and economic growth. Since 2016, Flutterwave has played a pivotal role for over one million businesses, processing transactions totaling over $30 billion.
