Flutterwave Payment Technology Limited has reacted to media reports that it was involved in an alleged money laundering scheme in Kenya.

A statement by the company said the claims were entirely false, stressing that it maintains the highest regulatory standards in its operations.

It further explained that as a payment platform, it earns fees through transaction charges and this could be verified.

It is said: “Claims of financial improprieties involving the company in Kenya are entirely false, and we have the records to verify this.

“We are a financial technology company that maintains the highest regulatory standards in our operations.

“Our Anti-money laundering (AML) practices and operations are regularly audited by one of the Big four firms. We remain proactive in our engagements with regulatory bodies to continue to stay compliant.

“Through our financial institution partners, we collect and pay on behalf of merchants and corporate entities. In the process, we earn our fees through a transaction charge, records of which are available and can be verified.

“As a business, we hold corporate funds to support our operations and provide services to all our customers.

“By facilitating payments for the biggest organizations in the world and everyday businesses, we process significantly large volumes of money and contribute to growing the economy in Kenya, and the rest of Africa.

“Flutterwave has a responsibility to ensure the integrity of the ecosystem, and we pledge our commitment to continue working with all stakeholders to uphold this. We are working to ascertain the motive behind the false claims, and have the records straightened.” (The Nation)

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