Flutterwave and Chipper Cash are not licensed payment service operators, says Kenyan central bank

Published

2 years ago

July 29, 2022 10:45 am

BodexNG

The Central Bank of Kenya (CBK) says Flutterwave and Chipper Cash are not licensed to operate in the country.

Patrick Njoroge, CBK governor, said this on Thursday in Nairobi, the country’s capital, at a media briefing following its monetary policy committee (MPC) meeting.

Flutterwave is a Nigerian fintech company that provides a payment infrastructure for global merchants and payment service providers.

Chipper Cash, founded in 2018, enables a person to send and receive money across borders. It is available in Nigeria, Kenya, Uganda, Tanzania, Rwanda, Ghana and South Africa.

Speaking to journalists, Njoroge said the two fintech firms are not allowed to operate remittance services or offer payment solutions to merchants in the East African country.

“Flutterwave is not licensed to operate as a remittance provider or for that matter as a payments service provider in Kenya,” Njoroge said.

“They are not licensed to operate and therefore they shouldn’t be operating, and Chipper Cash we could also say the same.”

Flutterwave is currently confronted with allegations of money laundering by Kenya’s Assets Recovery Agency (ARA).

Last month, a Kenyan high court froze more than Sh6.2 billion spread in 62 bank accounts belonging to Flutterwave and four Kenyans.

The court issued the freezing order following suspicion that the funds are proceeds of card fraud and money laundering.

Naira depreciates to N1,770/$ in parallel market

Published

9 hours ago

November 26, 2024 1:04 pm

BodexNG

The Naira yesterday depreciated to N1,770 per dollar in the parallel market from N1,750 per dollar last weekend.

Similarly, the Naira depreciated to N1,675.62 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,675.62 per dollar from N1,652.62 per dollar last weekend, indicating N23 depreciation for the naira.

The volume of dollars traded (turnover) fell by 55.2 percent to $108.79 million from $243.05 million traded last week Friday.

Consequently, the margin between the parallel market and NAFEM rate widened to N117.38 per dollar from N97.38 per dollar last weekend.

Port Harcourt Refinery begins crude oil processing

Published

10 hours ago

November 26, 2024 12:52 pm

BodexNG

The Nigeria National Petroleum Company Limited (NNPCL) has confirmed that the Port Harcourt Refinery in Rivers State has commenced crude oil processing.

The Chief Corporate Communications Officer of the compaanyy, Femi Soneye, broke the news on Tuesday.

Soneye revealed that the refinery will operate at 60 percent capacity and process 60,000bpd.

https://twitter.com/FM_Soneye/status/1861330633831620917?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1861330633831620917%7Ctwgr%5E776845f88f6fa6dd3c70082f4da1ee2632656999%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.vanguardngr.com%2F2024%2F11%2Fbreaking-port-harcourt-refinery-begins-crude-oil-processing%2F

“Today marks a monumental achievement for Nigeria as the Port Harcourt Refinery officially commences crude oil processing. This groundbreaking milestone signifies a new era of energy independence and economic growth for our nation,” Soneye said on Tuesday.

“Hearty congratulations to President Bola Ahmed Tinubu, the NNPC Board, and the exceptional leadership of GCEO Mele Kyari for their unwavering commitment to this transformative project. Together, we are reshaping Nigeria’s energy future!”

Soneye added that truck loading will commence on Tuesday (today), adding that the NNPCL is also “working tirelessly to bring the Warri Refinery back online soon”.

Business

Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS

Published

1 day ago

November 25, 2024 1:29 pm

BodexNG

The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.

The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.

Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others