The Kenyan Asset Recovery Agency reportedly withdrew from the court case that won it the freeze order in December 2022. regulation fintech
According to reports, the CEO and co-founder of the Nigerian fintech Flutterwave, Olugbenga Agboola, recently visited Kenya where he sought to convince the country’s monetary authorities to grant the firm access to funds that have been blocked since July 2022. Agboola claimed that his firm had “instituted a number of changes over the past year to ensure all internal governance structures are best-in-class.
Concerning allegations that Flutterwave’s Kenyan operations were not sanctioned, Agboola insisted the startup has always sought to comply with the country’s laws. He revealed that the startup was bringing in qualified global experts to help strengthen Flutterwave’s processes., Agboola is quoted suggesting that Flutterwave and other Africa-based fintech firms’ accelerated growth often unnerves regulators. This, in turn, leads to increased scrutiny and suspicion.
However, to assuage the concerns of skeptical regulators, Agboola reportedly said the fintech had “instituted a number of changes over the past year to ensure all internal governance structures are best-in-class.” Furthermore, Flutterwave has hired experienced individuals such as Emmanuel Efenure from Mastercard to help strengthen the fintech’s risk and governance, Agboola added.Tags in this story
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