A Kenyan court on Monday, February 27, 2023, released Sh6.6 billion ($51.9 million) belonging to Nigerian fintech startup, Flutterwave. This came after the Asset Recovery Agency of Kenya withdrew its case against the startup.
Last year, the Asset Recovery Agency filed charges against Flutterwave, demanding the court to freeze monies belonging to the startup. The ARA alleged that the funds were proceeds of money laundering and card fraud.
Flutterwave denied the claims stating that they were false and that they had the records to prove it. However, more money belonging to the startup was later frozen in August in what was a controversial year for the startup.
Earlier this month, local media reported that Flutterwave CEO and Co-Founder, Olugbenga Agboola was in Kenya to try and get these funds unfrozen in addition to meeting with the Central Bank of Kenya. The CBK had, in 2022, directed banks and financial institutions in Kenya to stop doing business with Flutterwave as it was not licenced to operate in the country.
Business Daily reports that a notice for withdrawal was filed in December 2022, but other cases against Flutterwave meant that the withdrawal was delayed. Having seen these cases dropped, the startup can now focus on getting its licence in Kenya.