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 access to the funds, as well as to meet with the Central Bank of Kenya (CBK), which had declared Flutterwave as an unlicensed fintech company in Kenya.
Flutterwave's CEO said that CBK had invited the company to reapply for a money remittance and payments service provider license, and the licensing process is now underway. The unfreezing of funds is expected to reassure partners and stakeholders across the continent that Flutterwave complies with all regulations and laws in Kenya and all other markets where it operates.
Flutterwave says it has instituted several changes to ensure that all internal governance structures are best-in-class, including strengthening its risk and governance and hiring a VP and Head of Risk for Africa.
Additionally, all company policies are subject to annual reviews conducted by third-party audit firms in the areas of anti-money laundering and countering the financing of terrorism, data privacy, information security, and finance.