Browsing: Flutterwave scandal

The Central Bank of Nigeria (CBN) has accorded a Switching and Processing License to Flutterwave, an African payments technology business. This is widely regarded as the CBN’s most significant payment processing licence.

Flutterwave can provide customers with transaction switching and card processing services with this licence. Other benefits include non-bank acquisition, agency banking, and payment gateways.

• The Central Bank of Nigeria (CBN) has accorded a Switching and Processing License to Flutterwave, an African payments technology business.
• Flutterwave can provide customers with transaction switching and card processing services with this licence.
• Flutterwave is permitted to facilitate transactions between banks, fintechs, and other financial institutions thanks to the Switching and Processing licence
• Additionally, the company can handle card transactions, participate in agency banking, and provide payment services directly to customers

Flutterwave is permitted to facilitate transactions between banks, fintechs, and other financial institutions thanks to the Switching and Processing licence.

Additionally, …

Flutterwave CEO, Olugbenga Agboola, aka GB, is under scrutiny over the allegations which also include financial misconduct, insider trading and embezzlement.

These Flutterwave allegations could spook investors pouring their money into African start-ups and this is a reality until the Flutterwave scandal is discredited. If not, the whole tech ecosystem in Africa might lose out since there has been disquiet over corporate dysfunction and a toxic work culture at Nigerian tech start-ups. When Nigeria sneezes, Africa does catch a cold and the Flutterwave allegations are just the signs of a pandemic if not handled with care.

Many outsiders are outraged by Nigerian companies’ corporate dysfunction and bad workplace culture with one former Flutterwave Kenya employee, Clara Wanjiku Odero, accused Agboola of bullying and negligence leading to fraud at Flutterwave.…