Kenya withdraws financial impropriety case against Flutterwave


Kenya dropped charges of financial impropriety against Flutterwave Inc., about seven months after a court in the East African nation froze the bank accounts of one of Africa’s biggest startups.

The withdrawal of the charges was noted in a Kenyan High Court document seen by Bloomberg and verified by Robert Gitau, a lawyer representing Flutterwave.

Dropping the case will come as a boost to Flutterwave, a Lagos and San Francisco-based financial technology company, that plans to expand its services of facilitating cross-border transactions in multiple currencies for companies, including Alibaba’s Alipay, Uber Technologies Inc.. The court in July restricted access to its Kenyan bank accounts holding more than $40 million, amid suspicion of financial impropriety, allegations the firm denied.

Alice Mate, director in charge of the Assets Recovery Agency which filed the case, didn’t immediately respond to a request for comment sent after official hours on Friday, while a representative of Flutterwave declined to comment when contacted.

NAIRAMETRIC