After months of legal battles, Flutterwave, a prominent African fintech startup, has been finally cleared of all money laundering charges in Kenya.

This positive development allows the company to reclaim over $3 million of its frozen funds and pave the way for future growth in the East African market.

Back in 2022, Kenya’s Asset Recovery Agency (ARA) froze over $55 million of Flutterwave’s funds, alleging fraudulent activities and money laundering.

While a significant portion of the frozen funds were released in March 2023, the remaining $3 million remained inaccessible due to the ARA’s continued objections.

In January 2024, Anti-Corruption High Court judge ruled in favor of Flutterwave, criticizing the ARA’s attempt to withdraw the final case without presenting any concrete evidence against the company.

Judge Nixon Sifuna deemed the ARA’s actions an “abuse of court procedure” and ordered the release of the remaining fund.

“The Judge condemned the action, saying it was not only ironical, but also pretentious, mischievous and insincere. Such a litigational facade or decoy is inappropriate, an abuse of the court process and an attempt at squandering the scarce judicial time,” The Star reported.

With this legal hurdle cleared, Flutterwave can now focus on securing a payments and remittance license in Kenya.

This license will authorize the company to directly handle and settle payments within the Kenyan market, expanding its reach and solidifying its position in the region.

Founded in 2016 by Iyinoluwa Aboyeji, Olugbenga Agboola and Adeleke Adekoya, Flutterwave is headquartered in San Francisco and Lagos.

While Kenya, Nigeria, South Africa, and Egypt are Flutterwave’s key markets, the company has strategically expanded its footprint to include Rwanda, Ghana, Cameroon, Cote d’Ivoire, and Senegal.