Fakoyejo OlalekanNigerian payment company, Flutterwave, is being probed by Ghanaian government, days after Kenyan authority filed a lawsuit against the tech unicorn over card fraud and other financial infractions.
In a letter dated July 13, 2022, the Bank of Ghana mandated financial institutions to submit every Flutterwave records in their possession, stating that it wants to review the Nigerian firm.
Join our WhatsApp ChannelThe financial institution of the West African country said the probe is part of a continuous surveillance of the financial system, directing financial institutions to submit operational accounts of Flutterwave and details of all financial exposures of the company.
Prime Business Africa gathered that the financial institutions were given until July 20, 2022, to make available the information requested, including the services Flutterwave had stated to be offering.
The statement reads; “The Bank of Ghana is conducting a review on Flutterwave Technology Solutions Limited as part of its continuous surveillance of the financial system.
“To this end, we request you to furnish us with the following information on the above company: Details of services provided by the company to your institution.
“All operational accounts of the company with your institution. Details of all financial exposures to the company. You may also include any other information you have on the company.
“Kindly submit your response to fintech@bog.gov.gh by 20th July, 2022.” The statement, signed by Ismail Adam, Head of Banking Supervision Department, Bank of Ghana, disclosed.
What you need to know about Flutterwave’s unending problems
In the last three months, Flutterwave and its founder, Gbenga Agboola, have been accused of various financial infractions, including insider trading, manipulation of stock price, and creating fake identity to deceive co-founders.
While the Kenyan allegations include cradle fraud, failure to obtain license to operate, and diverting and concealing purpose of funds paid into Flutterwave’s company account.
Flutterwave has denied these allegations, however, the Kenyan government has filed a lawsuit against the company, with authority in the country stating that the Nigerian tech firm shouldn’t be in operation.
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