Fintech companies Flutterwave Payment Technology and Chipper Technologies have been banned from doing business in Kenya by the country’s main bank, the Central Bank of Kenya (CBK).
CBK forbids banks to deal with Flutterwave and Chipper Cash
In a circular signed by Matu Mugo, deputy director of bank supervision, the CBK issued the directive.
Accusations of unlawful activity were made by the bank.
Futterwave, a Nigerian fintech company, was accused of fraud by the CBK last month, which they rejected.
With regard to Money Remittance and Payment Services, the CBK accused both entities of operating illegally.
Two companies, Flutterwave Payments Technology Limited (Flutterwave) and Chipper Technologies Kenya Ltd. (Chipper), have been operating in money remittance and payment services without CBK licensing and permission. The Central Bank of Kenya Act and the Money Remittance Regulations, 2013, govern money remittance services in Kenya. Additionally, Kenya’s National Payment System Act and National Payment System Regulations, 2014, govern the country’s payment services.
You have been ordered to stop all communication with Flutterwave and Chipper immediately.
Once you have received this letter, you must respond to CBK within seven (7) days to certify that you have complied with the mandate.
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