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Tuesday, October 3, 2023

Central Bank Of Kenya Says Flutterwave And Chipper Cash Are Not Licensed

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The Central Bank of Kenya (CBK) says 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,” the CBK said, in a statement signed by Matu Mugo, Director of Banking Supervision.

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

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