The most well-known fintech startup, Flutterwave, has announced that the Central Bank of Nigeria has given it a license to switch and process money. The company says that the new license will make it possible to complete transactions faster while improving the quality of payments, offering more products, and making the company safer.
This is good news for the corporation, and it comes when they need it in light of the regulatory and financial problems they’ve been having in Kenya. The company’s accounts were closed, and it was said that the company was laundering money. The Central Bank of Kenya recently told all financial institutions in Kenya to stop doing business with the company because, according to the CBK, “they are operating without a license and permission from the CBK.”
Despite these charges, the company has announced that it is getting ready to do what is known as an initial public offering (IPO) on the Nasdaq stock exchange.
Read: Kenya Hits Flutterwave with Money Laundering, Seizes $56.7M Amidst Trial
About Flutterwave
Flutterwave is a technical software partner for banks and other suppliers of financial services. It combines Payment Account Attributes Inquiry, Foreign Exchange Rates, and Visa Direct to provide consumers in Africa and beyond with the ease of new features such as digital payments.
Flutterwave released the following statement in response to the charges against the company: “Claims of financial improprieties involving the company in Kenya are absolutely incorrect, and we have the records to verify this.” We are a financial technology business that abides by the most stringent regulatory requirements in all aspects of our operations.