- Flutterwave wins legal battle as Kenyan High Court orders the release of $3 million.
- Assets Recovery Agency criticized for holding funds despite withdrawing the case.
- Flutterwave seeks payments and remittance license in Kenya.
Legal Victory for Flutterwave:
The Kenyan High Court has ruled in favor of Nigerian fintech giant Flutterwave, ordering the release of $3 million that had been frozen since July 2022. The court criticized the Assets Recovery Agency (ARA) for persistently holding onto the funds even after withdrawing its lawsuit against Flutterwave. This legal victory marks the end of a prolonged battle over the frozen funds.
ARA’s Controversial Move:
In July 2022, over 50 bank accounts tied to Flutterwave were frozen by the Kenyan anti-corruption agency, ARA, citing “suspicious activities.” Despite the withdrawal of the case against Flutterwave in early 2023, some funds remained frozen, prompting the court’s criticism. Flutterwave, consistently denying any wrongdoing, plans to pursue a Kenyan payments and remittance license in the aftermath of this legal development.