Flutterwave, Africa’s fintech giant, emerges unscathed as the Kenyan High Court dismisses allegations of misconduct brought forth by the Asset Recovery Agency (ARA).
The court’s Thursday ruling rebukes the ARA for its hasty legal action, criticising it as reckless, absurd, and inappropriate due to a lack of proper investigation.
With this judgement, the scrutiny of Flutterwave Payments Technology Limited Kenya’s bank accounts comes to a close, granting the company unimpeded access to contribute to Kenya’s fintech sector without legal uncertainties.
Earlier this year, Bloomberg reported that the ARA withdrew all charges against Flutterwave, citing investigative errors. In response to Friday’s judgement, Flutterwave expressed a warm welcome, highlighting the court’s validation of the company’s commitment to ethical business practises and high integrity standards. Throughout the legal proceedings, Flutterwave maintained confidence in the justice system.
The fintech giant’s focus now shifts towards fulfilling its mission of delivering exceptional products and services and contributing positively to African communities.
It expressed gratitude for the unwavering support of customers, employees, investors, and stakeholders during this challenging period.
Flutterwave underscores its commitment to obtaining licencing from the Central Bank of Kenya, aiming to solidify its leading position in the market.
The company looks ahead to acquiring its licence in Kenya, expanding operations, and continuing its support for local businesses and economic growth.
Since 2016, Flutterwave has played a pivotal role for over one million businesses, processing transactions exceeding $30 billion.
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