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.”