Flutterwave, a Nigerian fintech company, has been at the centre of controversy after media reports surfaced that hackers had stolen over ₦2.9 billion ($6.3 million) from the company.

According to Yewande Akomolafe-Kalu, Flutterwave's Head of Branding and Storytelling, the company was not hacked. In a statement, Akomolafe-Kalu explained that a merchant's account had been compromised, but no user lost any funds. She added that Flutterwave has since taken steps to address the issue, including freezing accounts where some of the money was transferred.

"We want to confirm that no user lost any funds, and we take pride in the fact that our security measures were able to address the issue before any harm could be done to our users," said Yewande Akomolafe-Kalu.

Flutterwave cleared of money laundering charges in Kenya
Kenyan Assets Recovery Agency (ARA) has dropped money laundering allegations against African fintech unicorn, Flutterwave, paving the way for the release of KSh6.6 billion (~$51 million) frozen in the company’s account seven months ago. The company’s CEO, Olugbenga Agboola, had been working to get…

The company has also filed a motion to freeze accounts in 27 financial institutions in Nigeria, including Access Bank, Kuda, Zenith Bank, and OPay, in an effort to recover the stolen funds, according to Techpoint Africa, who first reported the incident.

Despite the allegations of theft, Akomolafe-Kalu emphasized that no harm had been done to Flutterwave's users, and the company's security measures had successfully addressed the issue. Flutterwave's commitment to security and collaboration with law enforcement agencies was a testament to its dedication to keeping its ecosystem safe and secure.

The incident serves as a reminder of the importance of activating recommended security settings and being vigilant when it comes to online transactions. As fintech continues to revolutionize the financial industry, companies must prioritize security measures to protect their users' funds and maintain trust in the system.