Three Nigerian tech firms doing business in Kenya were the targets of allegations of money laundering by Kenya’s Assets Recovery Agency.
Along with Flutterwave, three other businesses were listed: Avalon Offshore Logistics Limited, OIT Africa Limited, and Remix Capital Limited. Initially, they had been charged with utilizing their platform as a means of money laundering.
The three companies’ millions of dollars were ordered frozen by the agency in April; making it illegal for them to interact with, withdraw from, transfer. Or otherwise deal in any gains or advantages derived from or accrued from the frozen money.
The fintech company refuted the allegations, claiming that while operating business in Kenya; it adhered to regulatory norms and earned money through transaction fees.