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Flutterwave responds to ban on its Kenya operations

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FLUTTERWAVE has responded to the ban placed on its operations by the Central Bank of Kenya (CBK).

The Central Bank of Kenya (CBK) had banned fintech unicorns, Flutterwave and Chipper Cash, from operating in Kenya, saying they were not licensed.

CBK’s Governor, Patrick Njoroge, revealed the ban during a Monetary Policy Committee (MPC) meeting to chart a new course for payment platforms in the country.

“Flutterwave is not licensed to operate as a remittance provider or, for that matter, as a PSB service provider in Kenya.

“They are not licensed to operate, so they shouldn’t be operating. We can also say the same for Chipper Cash,” Njoroge said.

The fintech, however, stated in a statement that it had since requested a licence in 2019 and was hoping to get a response soon.

It read, “Our attention has been drawn to reports with regards to our operating licence in Kenya.

“Like many other financial technology service providers in Kenya, our entry into the market was through partnerships with banks and mobile network operators licensed by the Central Bank of Kenya.

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“In 2019, as our operations grew, Flutterwave submitted its application for a Payment Service Provider licence. We have been in constant engagement with the Central Bank of Kenya to ensure that we provide all the requirements and we look forward to receiving our licence.”

The payment provider reiterated its commitment to operating within the stipulated laws, regulations and industry standards in Kenya.

“We are understanding and respectful of the Central Bank of Kenya’s responsibility to protect the payments ecosystem, and we support the ongoing collaboration between regulators and fintechs to create an atmosphere that fosters innovation in the financial services industry,” it added.

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Experienced Business reporter seeking the truth and upholding justice. Covered capital markets, aviation, maritime, road and rail, as well as economy. Email tips to jolaoluwa@icirnigeria.org. Follow on Twitter @theminentmuyiwa and on Instagram @Hollumuyiwah.

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