Browsing: Money laundering

  • The regulator noted that the two companies were not licensed to operate in Kenya, so they should not provide remittance or payment services to buyers and sellers
  • On July 7, the High Court froze more than US$50 million in 62 bank accounts belonging to Flutterwave and four Kenyans
  • It was suspected that the millions were proceeds of fraud and money laundering
  • Chipper Cash was founded in 2018 by Ham Serunjogi and Maijid Moujaled. Serunjogi is a Ugandan, while Maijid is a Ghanaian
The Central Bank of Kenya (CBK) has warned consumers against engaging with fintech payments Flutterwave and Chipper Cash.
The regulator noted that the two companies were not licensed to operate in Kenya, so they should not provide remittance or payment services to buyers and sellers.
CBK governor Patrick Njoroge said the two companies’ operations remain suspended in Kenya.
“Flutter wave is not licensed to operate remittance provider