A leading Nigerian fintech company, Flutterwave Payment Technology Limited has finally reacted to some of the media reports that it was involved in an alleged money laundering scheme in Kenya which resulted to a ban on their operations.
A statement which had been released by the company on Friday had revealed that the claims are entirely false, stressing that it maintains the highest regulatory standards in its operations. It further explained that as a payment platform, it earns fees through transaction charges and this could be verified.
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“We are a financial technology company that maintains the highest regulatory standards in our operations. Our Anti-money laundering (AML) practices and operations are regularly audited by one of the Big four firms. We remain proactive in our engagements with regulatory bodies to continue to stay compliant.
“Through our financial institution partners, we collect and pay on behalf of merchants and corporate entities. In the process, we earn our fees through a transaction charge, records of which are available and can be verified. As a business, we hold corporate funds to support our operations and provide services to all our customers,” the company said.
It added that by facilitating payments for the biggest organizations in the world and everyday businesses, “we process significantly large volumes of money and contribute to growing the economy in Kenya, and the rest of Africa.
“Flutterwave has a responsibility to ensure the integrity of the ecosystem, and we pledge our commitment to continue working with all stakeholders to uphold this. We are working to ascertain the motive behind the false claims,and have the records straightened.”
