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Ghana Bank probes Nigeria’s fintech firm

 Flutterwave continues to make headlines for bad reasons, as the Bank of Ghana has officially begun to probe the African unicorn after several allegations from the Nigerian and Kenyan markets.

According to Ripples Nigeria, the Access Bank discovered, through a financial audit, that Flutterwave withheld N221.10 million belonging to the bank. The money was charged for Web acquired and Switch fees for two years.

The co-founder and Chief Executive Officer, Olugbenga Agboola, was also accused of insider trading, creating a fictitious identity to obtain more shareholding rights, and also abused the power of his office, while the Kenyan government accused Flutterwave of card fraud and operating without license.

Amid these allegations, the Ghanaian government is now looking into the financial record of Flutterwave and has ordered financial institutions to provide details relating to the firm’s operational accounts.

In a letter confidentially sent to the financial institutions, dated July 13, the Bank of Ghana stated the following; “The Bank of Ghana is conducting a review on Flutterwave Technology Solutions Limited as part of its continuous surveillance of the financial system.

 “To this end, we request you to furnish us with the following information on the above company: Details of services provided by the company to your institution.

“All operational accounts of the company with your institution. Details of all financial exposures to the company. You may also include any other information you have on the company.