- So far the firm is operating in more than 30 countries in Africa, processing over two million transactions worth close to $20 billion every year.
- On Monday, it also launched Swap, an FX trade platform.
Image: HANDOUT
Continental money transfer platform, Flutterwave will pump $50 million (Sh7.3 billion) into Kenya once it receives a licence to operate in the country.
In an interview with the Star, the firm's founder Olugbenga Agboola referred to Kenya as a land of many opportunities, saying his firm will ride on existing innovations like Safaricom's M-Pesa in its money transfer and e-commerce platforms.
The pronouncement is coming a week after the money transfer company received name approval for its remittance business and is a few steps closer to acquiring a money remittance license from the Central Bank of Kenya (CBK).
“We got the name approval from CBK for our remittance business; it is a great start and a show of good faith towards getting a money remittance license from the Central Bank of Kenya (CBK), 'Agboola said.
Even so, specific details about when this will happen to remain undisclosed, as it is within CBK’s jurisdiction to make this decision.
"We are, however, in active communication with CBK and are optimistic about the process,” Agboola told the Star.
The firm has been scouting for clearance in Kenya since 2019 when it submitted its application for a Payment Service Provider license. The firm also intends to launch its e-commerce segment, Flutterwave Store in the country.
Launched in April 2020, the e-commerce platform was revamped last year was revamped last November to Flutterwave Market.
It has grown to over 30,000 merchants and consumers can shop for various products.
So far the firm is operating in more than 30 countries in Africa, processing over two million transactions worth close to $20 billion every year.
Agboola told the Star that his firm is angling to become a key enabler of the pan-African trade, allowing effective and affordable money transfer for the continent's a billion population.
The firm which has its major operations in Nigeria has experienced several legal hitches that have delayed its operations in Kenya.
Last year, the Asset and Recovery Agency (ARA) froze $3 million (Sh438 million) belonging to Flutterwave, Hupesi Solutions, and Adguru Technology Limited over money laundering and fraud claims.
This was less than two months after the agency allowed Flutterwave access to another $52.5 million (Sh2.4 billion) and six other companies that had also been frozen over money laundering allegations.
While the first suit was formally withdrawn in March this year, the court rejected the ARA’s withdrawal request for the second case due to insufficient reasons provided by the agency and the importance of transparency.
Flutterwave founder says his firm is not bothered by the ongoing court case, adding that the rule of law and justice must be observed.
“As it currently stands, the court has directed the ARA to take some steps to complete the ARA’s withdrawal of the matter against us. We are optimistic about the ARA obeying the Court’s directions and closing out the matter,'' Agboola said.
Last week, the firm launched operations in India after partnering with IndusInd Bank, a leading financial institution in the Asian nation.
"The Indian expansion for Flutterwave will be the first African company to do this at the scale where remittances from India to Africa become seamless and quick,” Agboola said.
On Monday, it also launched Swap, an FX trade platform.
The swap will ensure that every exchange is not only seamless and secure but also financially rewarding, granting consumers greater purchasing power and businesses massive investment potential.