Last week, Flutterwave was accused of money laundering in Kenya. Barely a week later, Nigerian-owned fintech Korapay and liquidity management provider Kandon Technologies Limited also received lawsuits for the same accusations and it appears the three cases are connected. Kenya’s Asset Recovery Agency (ARA) filed two suits against the businesses…
Kenyan authorities have frozen accounts with Sh45 million ($381,000) worth of funds belonging to two Nigerian companies, Korapay Technologies Limited and Kandon Technologies Limited, for allegedly siphoning Sh6 billion ($51 million) into the country.
According to ARA, the Nigerian firms are shell companies incorporated in Kenya for purposes of taking advantage of the liberal financial system to launder funds.