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Fintech giant Flutterwave has overcome Kenyan legal challenges that could have hindered its ambitious growth strategy. The company, which is valued at around $3 billion, is now set to resume operations in Kenya and may even seek an initial public offering (IPO).

ARA case dismissed

Flutterwave has been facing legal challenges in Kenya since 2020 when the Asset Recovery Authority (ARA) accused Flutterwave of money laundering and froze its accounts. The company denied the allegations and challenged the court order, claiming that it had complied with all regulatory requirements and received a license from the Central Bank of Kenya in 2019.

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Fintech Giant Flutterwave Overcomes Kenyan Legal Challenges

After months of litigation, the High Court of Kenya ruled in favor of Flutterwave, dismissing ARA’s claims. The judge criticized ARA for filing the lawsuit without completing its investigation, finding the move “improper, negligent, reckless and absurd.”

Possible Initial Public Offering

With the legal challenges behind it, Flutterwave is looking to the future. The company is reportedly considering an initial public offering in which its shares would be listed on stock exchanges in the regions where it operates. This could be a major milestone for Flutterwave and would further increase its valuation.

Competing with M-Pesa

Flutterwave’s entry into the Kenyan digital payments space could have a significant impact on the market; M-Pesa, owned by Safaricom, Kenya’s largest mobile network operator, has dominated the market for many years, with more than 55 million subscribers and processing more than 80% of the country’s digital payments.

However, Flutterwave has a number of advantages that could help it compete with M-Pesa. The company operates in more than 30 African countries and supports more than 30 currencies, making cross-border transactions and money transfers easy. The company also has partnerships with global payment platforms such as PayPal, Stripe and Visa, giving customers access to a wider range of payment methods and markets.

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