Fintech Giant Reportedly Used in 2019 – Fintech Bitcoin News
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 been in constant contact with the central bank and hopes it will get permission.
CBK claims
Nigerian fintech giant Flutterwave has said it submitted an application for an operating license to the Central Bank of Kenya (CBK) back in 2019. Flutterwave’s move to dispel concerns that it may be operating illegally follows CBK’s decision to bar Kenyan financial institutions from to have business relations with fintech groups.
As previously reported by Bitcoin.com News, CBK’s directive to financial institutions was issued shortly after CBK Governor Patrick Njoroge told reporters that Flutterwave and Chipper Cash were operating money transfer operations without a license and authorization from the central bank. Similar allegations were also made by Kenya’s Asset Recovery Agency, which proceeded to freeze Flutterwave’s bank accounts containing more than $50 million.
After reports of the fintech’s Kenyan licensing issues surfaced, Flutterwave reportedly responded by suggesting that its entry into this market had been “through partnerships with banks and mobile network operators licensed by the Central Bank of Kenya.”
But according to a report from Business Daily, Flutterwave now claims that in addition to applying for an operating license, it has partnered with CBK and is still waiting to receive the license.
“In 2019, as our business grew, Flutterwave submitted its payment services license application. We have been in constant contact with the Central Bank of Kenya to ensure we deliver on all the requirements and we look forward to receiving our license,” said a statement allegedly issued by the fintech.
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