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Flutterwave Kenya License Controversy: Fintech Giant Reportedly Applied in 2019

Flutterwave Kenya License Controversy: Fintech Giant Reportedly Applied in 2019The Nigerian fintech unicorn, Flutterwave, reportedly said it submitted an application for a payment service provider license to the Central Bank of Kenya back in 2019. The fintech also said it has remained in constant contact with the central bank and is hopeful it will get the license. CBK Allegations The Nigerian fintech giant Flutterwave […]

Flutterwave Kenya License Controversy: Fintech Giant Reportedly Applied in 2019

The Nigerian fintech unicorn, Flutterwave, reportedly said it submitted an application for a payment service provider license to the Central Bank of Kenya back in 2019. The fintech also said it has remained in constant contact with the central bank and is hopeful it will get the license.

CBK Allegations

The Nigerian fintech giant Flutterwave has said it submitted an operating license application to the Central Bank of Kenya (CBK) back in 2019. Flutterwave’s move to dispel concerns it may be operating illegally follows the CBK’s decision to bar Kenyan financial institutions from having business dealings with fintech groups.

As previously reported by Bitcoin.com News, the CBK’s directive to financial institutions was issued shortly after CBK governor Patrick Njoroge told journalists that Flutterwave and Chipper Cash were running money remittance businesses without licensing and authorization from the central bank. Similar allegations were also made by Kenya’s Asset Recovery Agency, which went on to block Flutterwave’s bank accounts holding more than $50 million.

After reports of the fintech’s Kenyan licensing troubles emerged, Flutterwave reportedly responded by suggesting that its entry into this market had been “through partnerships with banks and mobile network operators licensed by the Central Bank of Kenya.”

However, according to a report by Business Daily, Flutterwave now claims that in addition to applying for an operating license, it has worked with the CBK and is still waiting to receive the license.

“In 2019, as our operations grew, Flutterwave submitted its application for a payment service provider licence. 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 licence,” claimed a statement reportedly issued by the fintech.

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Source: Fintech Archives – Bitcoin News

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Ivory Coast-Based Payments Fintech Secures $5 Million From Its Pre-Series A Funding Round

Ivory Coast-Based Payments Fintech Secures $5 Million From Its Pre-Series A Funding RoundThe Ivorian payments financial technology (fintech) startup, Julaya, recently concluded its pre-Series A round with an additional $5 million capital raise. This brings to $7 million the total capital that the fintech startup, which specializes in business-to-business payments, has raised in this series. Senegalese Footballer Édouard Mendy Participates in the Series An Ivory Coast-based payments […]

Ivory Coast-Based Payments Fintech Secures $5 Million From Its Pre-Series A Funding Round

The Ivorian payments financial technology (fintech) startup, Julaya, recently concluded its pre-Series A round with an additional $5 million capital raise. This brings to $7 million the total capital that the fintech startup, which specializes in business-to-business payments, has raised in this series.

Senegalese Footballer Édouard Mendy Participates in the Series

An Ivory Coast-based payments fintech startup, Julaya, recently concluded its pre-Series A funding round with an additional $5 million, a report has said. With this latest capital raise, Julaya has now raised a total of $7 million in this funding round.

The funding round was led by a European venture capital fund Speedinvest with the participation of EQ2 Ventures, Kibo Ventures plus the angel syndicates Unpopular Ventures and Jedar Capital. Existing Julaya investors that also participated in this round include Orange Ventures, Saviu, and 50 Partners. Senegal and English football club Chelsea’s goalkeeper, Édouard Mendy also participated in the round.

Going Beyond Regular Cards Services

According to his comments published by Techcrunch, Julaya co-founder and chief executive officer (CEO), said the fintech startup’s availing of standard card services to mobile money users in West Africa has made a difference. Léopoldie, however, shared his thoughts on why it was important for Julaya to offer services beyond regular card services.

“Our sense or strategy with the cards is to provide a full range of service. Because if you have just cards, I don’t think you could build a great startup with a lot [of] traction as you would like, for example, in the U.S. The card payment industry, except for South Africa, maybe Nigeria and a little bit in Egypt, is a developing one and while you might be able to grow a business on that, it’s almost impossible in our region [Francophone Africa],” Léopoldie reportedly said during an interview with Techcrunch.

Concerning Mendy’s participation in Julaya’s pre-Series A round, Léopoldie said he thought this showed how just far “ahead of the curve” this goalkeeper is. According to the CEO, Mendy’s being a Senegalese also helps because it inspires other Africans to follow in his footsteps and become investors.

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Source: Fintech Archives – Bitcoin News

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