Fintech Unicorn Flutterwave Granted ‘Game Changing’ License by Nigerian Centr...
The Nigerian fintech Flutterwave has said the switching and processing license it recently received from the Central Bank of Nigeria allows it to “deliver an improved experience to our customers.” The new license is said to allow Flutterwave to “connect every single store of value in Nigeria to global commerce.” New License Said to Be a ‘Game Changer’ The Nigerian fintech unicorn, Flutterwave, has been granted a switching and processing license by the Central Bank of Nigeria (CBN), a statement released by the payments firm has said. The new license....
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The Nigerian fintech unicorn, Flutterwave, reportedly said it submitted an application for a payment service provider license to the Central Bank of Kenya back in 2019. The fintech also said it has remained in constant contact with the central bank and is hopeful it will get the license. CBK Allegations The Nigerian fintech giant Flutterwave has said it submitted an operating license application to the Central Bank of Kenya (CBK) back in 2019. Flutterwave’s move to dispel concerns it may be operating illegally follows the CBK’s decision to bar Kenyan financial institutions....
A Kenyan agency charged with tracing and freezing proceeds of crime said it recently obtained an order giving it the authority to freeze bank accounts belonging to Nigerian fintech Flutterwave. The agency alleges that Flutterwave is not providing merchant services as per claims, but is instead involved in money laundering activities.
Deliberate Attempt to Obscure Movement of Funds
Kenya’s Asset Recovery Agency (ARA) recently received an order from the High Court to freeze bank accounts holding nearly $60 million which the agency believes to be laundered money, a report....
Fintech startup Flutterwave announced recently that it has raised $250 million from its Series D funding round. The funding round, which attracted international investors, saw the startup’s value rise to over $3 billion.
Capital Raised to Fund Flutterwave’s Expansion Plans
The Nigerian fintech startup Flutterwave recently announced it raised $250 million in a Series D funding round. The latest capital raise, led by B Capital Group, saw the fintech firm’s valuation increase to over $3 billion.
According to a statement on the remittance and....
A Nigerian presidential election candidate, Peter Obi, has said the local currency’s exchange rate against the dollar must not be fixed but must be determined “by the forces of demand and supply.” Pointing to the success of the Nigerian fintech Flutterwave, the candidate said if elected, his government will create an enabling environment for other startups to similarly thrive and succeed.
Two-Tier Exchange Rate Regime Attacked
A candidate in Nigeria’s upcoming presidential elections, Peter Obi, has said the local currency’s official exchange....
The Central Bank of Nigeria (CBN) reportedly frozen bank accounts belonging to four fintech firms for up to 180 days after a Federal High Court in Abuja acceded to an “ex parte motion.” The ex parte motion, which is a form of temporary suspension, was granted after a Nigerian chief, Micheal Kaase Aondoakaa, filed the motion on behalf of CBN governor Godwin Emefiele. Accounts Frozen to Enable Further Investigation According to one report, this temporary freeze of the bank accounts will enable the CBN to institute further investigations into the activities of the four firms.....