Nigerian start-up Flutterwave has said it is currently focusing on acquiring its International Money Transfer Operations (IMTO) license in Kenya following the withdrawal of a suit accusing it of money laundering.
In a statement issued to newsrooms, Flutterwave welcomed the decision of the High Court saying it has affirmed their steadfast commitment to ethical business practices.
“With this case behind us, Flutterwave will focus on acquiring its license in Kenya, expanding its operations, and further supporting local businesses and economic growth,” reads the statement in part.
The decision it said vindicated them from any wrongdoing.
“Our platform has been pivotal for over one million businesses, processing transactions worth over $30 billion since 2016. We reiterate our commitment to obtaining the licensing with the Central Bank of Kenya, bolstering its leading position in the market,” it said.
Last week, the High Court allowed the withdrawal of a suit against Nigerian start-up Flutterwave which was being probed over allegations of card fraud and money laundering.
Justice Nixon Sifuna allowed the application on condition that any civil liability that may arise from the withdrawal of the case be borne by the agency that filed it.
Over Sh6 billion was frozen after a case was filed in court last year over claims of money laundering.
The monies spread in over 60 bank accounts and Safaricom paybill numbers were in the name of Nigerian start-up Flutterwave, Hupesi Solutions and Adguru Technologies Limited.
When the forfeiture suit came up in May for heairng this year, the court was informed of a withdrawal notice.
The notice did not contain any reasons for the said withdrawal.
Noting that the suit was a public interest one and touched on economic crime and money laundering, the judge declined to allow the ‘casual withdrawal’ and directed that in the public interest, the withdrawal be made by an affidavit.
The affidavit was to detail the reasons for the decision to withdraw.
Following those orders, two affidavits for withdrawal of the suit were filed.
