The Kenyan High Court has closed the case of inappropriate activities filed against Africa’s fintech giant Flutterwave by the Asset Recovery Agency (ARA).
In a ruling on Thursday, the court bemoaned the agency for taking the company to court without proper investigation, describing the action as reckless, absurd and inappropriate.
The judgement has put to an end the scrutiny of Flutterwave Payments Technology Limited Kenya’s bank accounts and now gives the company unhindered access to contribute to Kenya’s fintech sector without any legal uncertainties.
In a report by Bloomberg early this year, ARA filed a notice of withdrawal of all charges against Flutterwave, citing investigative error.
In a reaction to the judgement on Friday, the fintech giant stated: “Flutterwave welcomes the recent court ruling that vindicates our company from any wrongdoing. The court’s decision affirms our steadfast commitment to ethical business practices and upholding the highest standards of integrity. Throughout the legal proceedings, we have maintained our confidence in the justice system and the truth.
“As a company, we remain focused on our mission to deliver exceptional products/services and contribute positively to our communities across Africa. We appreciate the support and trust of our customers, employees, investors, and stakeholders throughout this challenging period.
“Flutterwave reiterates its commitment to obtaining the licensing with the Central Bank of Kenya, bolstering its leading position in the market.”
The company stated that it is now focused on acquiring its license in Kenya, expanding its operations, and further supporting local businesses and economic growth.
Since 2016, Flutterwave has been pivotal for over one million businesses and processing transactions worth over $30 billion.