African giant fintech, Flutterwave, has been cleared of all wrongdoing and is now free to operate on the Kenyan market. The good news comes ahead of the company’s plans to invest 7.3 billion shillings in Kenya.
The High Court has since allowed the Asset Recovery Agency (ARA) to withdraw the second, and the only remaining case against the company. This now means that the standoff between the company and authorities is off.
According to ARA, it has decided to withdraw the case after “further investigations showed that Flutterwave did not take part in any criminal activity.” One wonders why they wasted all the time in the first place.
Flutterwave was in the process of clearing its name in Kenya and the recent withdrawal of the matter gives it a go-ahead to expand its operations into the country as it had planned.
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The company which operates in more than 30 African countries, has already gotten the first name approval for its licensing that put it on the road to doing business in Kenya, a crucial African market whose advancement in technology is way above most African markets thanks to innovations and entrepreneurship.
Flutterwave landed in Kenya when the country had been leading other markets in financial inclusion within and without.
A report by FinAccess revealed remarkable growth in financial inclusion at the national level, with about 84 percent of the adult population accessing formal financial services in 2021 compared with 27 percent in 2006 when the first FinAccess Household Survey was conducted.
In Kenya, the firm was baptized by fire but has managed to sail through all the challenges, emerging victorious in most of the labels against it. Its rejuvenated comeback into the Kenyan market revives a great hope of catapulting Kenya’s Silicon Valley Status to the global market regarding technology and financial inclusion.
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