After reports emerged that Nigerian fintech startup Flutterwave was operating without a license in Kenya, the company has sent out fresh communication on the state of affairs.
In an email to TechTrendsKE, the company said that it applied for a license to operate as a payment service provider in 2019 but it’s yet to receive it from the Central Bank of Kenya (CBK).
“Our attention has been drawn to reports with regard to our operating license in Kenya. “the company said,
“In 2019, as our operations grew, Flutterwave submitted its application for a Payment Service Provider license. We have been in constant engagement with the Central Bank of Kenya to ensure that we provide all the requirements and we look forward to receiving our license.” The statement further read.
The company clarified that it operates in the Kenyan market “through partnerships with banks and mobile network operators licensed by the Central Bank of Kenya.”
The statement by the company leaves more questions unanswered, although it says it is awaiting its license from the regulator.
It’s not clear how the new development will affect the ongoing back and forth between the company and authorities, including pending court cases over claims of fraud and money laundering.
”We are committed to operating within the stipulated laws, regulations, and industry standards in Kenya.” The company adds.