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Fintech Giant Reportedly Applied in 2019 – Fintech Bitcoin News

The Nigerian fintech unicorn, Flutterwave, reportedly stated it submitted an utility for a cost service supplier license to the Central Financial institution of Kenya again in 2019. The fintech additionally stated it has remained in fixed contact with the central financial institution and is hopeful it should get the license.

CBK Allegations

The Nigerian fintech large Flutterwave has stated it submitted an working license utility to the Central Financial institution of Kenya (CBK) again in 2019. Flutterwave’s transfer to dispel issues it might be working illegally follows the CBK’s choice to bar Kenyan monetary establishments from having enterprise dealings with fintech teams.

As beforehand reported by Bitcoin.com Information, the CBK’s directive to monetary establishments was issued shortly after CBK governor Patrick Njoroge advised journalists that Flutterwave and Chipper Money have been operating cash remittance companies with out licensing and authorization from the central financial institution. Related allegations have been additionally made by Kenya’s Asset Restoration Company, which went on to dam Flutterwave’s financial institution accounts holding greater than $50 million.

After studies of the fintech’s Kenyan licensing troubles emerged, Flutterwave reportedly responded by suggesting that its entry into this market had been “via partnerships with banks and cell community operators licensed by the Central Financial institution of Kenya.”

Nevertheless, in line with a report by Enterprise Each day, Flutterwave now claims that along with making use of for an working license, it has labored with the CBK and continues to be ready to obtain the license.

“In 2019, as our operations grew, Flutterwave submitted its utility for a cost service supplier licence. We’ve been in fixed engagement with the Central Financial institution of Kenya to make sure that we offer all the necessities and we look ahead to receiving our licence,” claimed an announcement reportedly issued by the fintech.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, writer and author. He has written extensively in regards to the financial troubles of some African international locations in addition to how digital currencies can present Africans with an escape route.







Picture Credit: Shutterstock, Pixabay, Wiki Commons, Nick Fox / Shutterstock.com

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