Central Bank of Kenya Says Flutterwave, Chipper Cash Are Not Licensed

Central Bank of Kenya (CBK) to financial institutions: “immediately cease and desist from dealing with Flutterwave and Chipper Cash. You are thereafter required, within seven days of the date of the letter to confirm to CBK your compliance with the directive.”

The statement reads;

CENTRAL BANK OF KENYA

July 29, 2022

TO ALL CHIEF EXECUTIVE OFFICERS OF COMMERCIAL BANKS, MICROFINANCE BANKS AND MORTGAGE FINANCE COMPANIES

FLUTTERWAVE PAYMENTS TECHNOLOGY LTD AND CHIPPER TECHNOLOGIES KENYA LTD

It has come to the attention of the Central Bank of Kenya (CBK) that Flutterwave Payments Technology Limited (Flutterwave) and Chipper Technologies Kenya Limited (Chipper) have been engaging in Money Remittance and Payment Services without licensing and authorisation by CBK.

Money Remittance Services in Kenya are regulated pursuant to the Central Bank of Kenya Act and the Money Remittance Regulations, 2013. Further, Payment Services in Kenya are regulated pursuant to the National Payment System Act and the National Payment System Regulations, 2014.

You are therefore directed to immediately cease and desist from dealing with Flutterwave and Chipper.

You are thereafter required, within seven (7) days of the date of the letter to confirm to CBK your compliance with the directive.

Yours faithfully,

MATU MUGO DEPUTY DIRECTOR, BANK SUPERVISION

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