Flutterwave Kenya has denied involvement in any financial improprieties in the guise of providing merchant service as contained in recent reports.
This was disclosed by the company in a statement titled, “Communication regarding media reports on Flutterwave Kenya.”
According to the statement which is dated the 7th of June, the company said it earns its fees through a transaction charge, records of which are available and can be verified.
The company wrote, “Claims of financial improprieties involving the company in Kenya are entirely false, and we have the records to verify this.
Flutterwave Kenya Denies Involvement In Financial Improprieties
“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.
“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 4 firms. We remain proactive in our engagements with regulatory bodies to continue to stay compliant.”