Connect with us

Hi, what are you looking for?

Business

Kenya Stops Banks From Dealing With Flutterwave And Chipper

Kenyan government has instructed all commercial banks in the country to desist from dealing with Flutterwave Payments Technology Limited (Flutterwave) and Chipper Technologies Kenya Limited (Chipper).

Gatekeepers News reports that the Central Bank of Kenya (CBK) alleged that Flutterwave and Chipper have been engaging in Money Remittance and Payment Services without licensing and authorisation by CBK.

According to Matu Mugo, Deputy Director, Bank Supervision in a memo on Friday, “Money Remittance Services in Kenya are regulated pursuant to the Central Bank of Kenya Act and the Money Remittance Regulations, 2013.”

Mugo added that “Payment Services in Kenya are regulated pursuant to the National Payment System Act and the National Payment System Regulations, 2014.”

The CBK, therefore, directed banks “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.”

You May Also Like

News

National Broadcasting Commission (NBC) has imposed N2 million fines on Arise News and TVC for alleged breach of National Broadcasting Codes in the countdown...

News

A yet to be identified man has slumped and died after queuing for hours to collect his Automatic Teller Machine (ATM) card in a...

News

A High Court sitting in Port Harcourt has convicted and sentenced two former members of the disbanded Special Anti-Robbery Squad to death by hanging...

News

President Muhammadu Buhari has urged citizens to give him seven days to resolve the naira scarcity which has become a problem across the country....