The Nigerian fintech unicorn, Flutterwave, reportedly stated it submitted an software for a fee service supplier license to the Central Financial institution of Kenya again in 2019. The fintech additionally stated it has remained in fixed contact with the central financial institution and is hopeful it should get the license.
CBK Allegations
The Nigerian fintech big Flutterwave has stated it submitted an working license software to the Central Financial institution of Kenya (CBK) again in 2019. Flutterwave’s transfer to dispel considerations it could be working illegally follows the CBK’s resolution to bar Kenyan monetary establishments from having enterprise dealings with fintech teams.
As beforehand reported by Bitcoin.com Information, the CBK’s directive to monetary establishments was issued shortly after CBK governor Patrick Njoroge informed journalists that Flutterwave and Chipper Money have been operating cash remittance companies with out licensing and authorization from the central financial institution. Comparable allegations have been additionally made by Kenya’s Asset Restoration Company, which went on to dam Flutterwave’s financial institution accounts holding greater than $50 million.
After reviews of the fintech’s Kenyan licensing troubles emerged, Flutterwave reportedly responded by suggesting that its entry into this market had been “via partnerships with banks and cell community operators licensed by the Central Financial institution of Kenya.”
Nevertheless, in accordance with a report by Enterprise Day by day, Flutterwave now claims that in addition to making use of for an working license, it has labored with the CBK and remains to be ready to obtain the license.
“In 2019, as our operations grew, Flutterwave submitted its software for a fee service supplier licence. We’ve been in fixed engagement with the Central Financial institution of Kenya to make sure that we offer all the necessities and we sit up for receiving our licence,” claimed a press release reportedly issued by the fintech.
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