Flutterwave Payment Technology Limited, a leading Nigerian fintech company, has reacted to media reports that it was involved in an alleged money laundering scheme in Kenya.
A statement by the company on Thursday, said the claims are
entirely false, stressing that it maintains the highest regulatory standards in
its operations.
It further explained that as a payment platform, it earns
fees through transaction charges and this could be verified.
Read the full statement below:
Communication Regarding Media Reports on Flutterwave Kenya
Claims of financial improprieties involving the company in
Kenya are entirely false, and we have the records to verify this.
We are a financial technology company that maintains the
highest regulatory standards in our operations. Our Anti-money laundering (AML)
practices and operations are regularly audited by one of the Big four firms. We
remain proactive in our engagements with regulatory bodies to continue to stay
compliant.
Through our financial institution partners, we collect and
pay on behalf of merchants and corporate entities. In the process, we earn our
fees through a transaction charge, records of which are available and can be
verified. As a business, we hold corporate funds to support our operations and
provide services to all our customers.
By facilitating payments for the biggest organizations in
the world and everyday businesses, we process significantly large volumes of
money and contribute to growing the economy in Kenya, and the rest of Africa.
Flutterwave has a responsibility to ensure the integrity of
the ecosystem, and we pledge our commitment to continue working with all
stakeholders to uphold this. We are working to ascertain the motive behind the
false claims,and have the records straightened.
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