Flutterwave Secures Nigeria’s Highest Payments Processing License

Flutterwave Secures Nigeria’s Highest Payments Processing License

  • Flutterwave, Africa's most valuable fintech company has obtained one of the biggest payment license in Nigeria
  • It allows the company to operate switching and processing operations and carry out other transactions like agency banking
  • The company is currently battling a wave of damaging, image-destroying allegations in Kenya, where a court has from its accounts

Flutterwave has secured a Switching and Processing license from the Central Bank of Nigeria (CBN).

The license is the apex bank’s most valuable payment processing license. It allows Flutterwave to offer clients transaction switching and card processing services. It also includes non-banking acquiring, agency banking and payment gateway services.

CEO, Flutterwave, CBN
Flutterwave CEO, Gbenga Agboola Credit: Mark Moore
Source: UGC

Flutterwave can also process card transactions and take part in agency banking and other services without intermediaries.

Elated CEO berserks in the news

Before the latest licensing, the company operated with its Payment Solution Service Provider and International Money Transfer licenses.

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Elated CEO of Flutterwave, Olugbenga Agboola, stated that the development is big news for the firm’s customers, investors and other stakeholders.

According to Bussiness Insider, a Bloomberg report said that Africa’s most valuable fintech company may be mulling an Initial Public Offering in the US and Nigeria.

Firm may go public

Sources at the company told Bloomberg that the recent employments in key positions by the company were in preparation for the IPO.

It recently employed Oneal Bhamban, an ex-VP at American Express, as its new Chief Financial Officer. It also hired Gurbhel Dhillon, a former Managing Director at Goldman Sachs, as its new Chief Technology Officer.

The company has been battling a smear campaign in Kenya and reputation-damaging allegations of fraud and money laundering since 2022.

A Kenyan High Court froze $3.3 million in various bank accounts belonging to the company.

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The Kenyan Asset Recovery Agency leads the investigation into the company’s activities and seeks to have the frozen funds forfeited to the government.

Kenyan court freezes Flutterwave and several Nigerians’ accounts over alleged money laundering

Legit.ng reported that a Kenyan High Court seized Sh7 billion ($59 million), or N24.50 billion, from 56 accounts linked to fintechs, including Nigeria's Flutterwave, on the grounds that they were used as conduits for money laundering while offering merchant services.

This was revealed in an evening story by Kenya's The Star on Wednesday, July 6, 2022.

Flutterwave Payment Technology Limited, Boxtrip Travel and Tours Limited, Bagtrip Travel Limited, Elivalat Fintech Limited, Adguru Technology Limited, Hupesi Solutions, Cruz Ride Auto Limited, and one Simon Ngige are among the impacted fintechs.

Source: Legit.ng

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