Nipate
Forum => Kenya Discussion => Topic started by: Nowayhaha on February 03, 2023, 11:44:25 AM
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https://nation.africa/kenya/business/how-nigerian-techies-wired-sh276bn-without-cbk-nod--4109604
As the world toasted Nigeria’s Olugbenga Agboola as Africa’s freshly minted tech billionaire, Kenyan authorities were investigating his firm for possible money laundering links.
It was February last year when a firm he co-founded — Flutterwave — was valued at $3 billion, making it the most valuable start-up in Africa as international investors bet on the continent’s fintech scene.
While this made the 37-year-old Agboola one of Africa’s most well-known entrepreneurs, investigators and regulators in Kenya suspected his Nigerian payments company was riding on proceeds of crime, in particular card fraud.
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In the end, the High Court froze its Sh6.2 billion spread in 62 bank accounts on money laundering fears and the Central Bank of Kenya (CBK) ordered Kenyan banks to immediately cut links with Flutterwave.
Flutterwave was one of the three Nigerian fintech that were at the centre of a complex money laundering probe in Kenya, with court records indicating that they wired over Sh276 billion in multiple currencies over four years without the knowledge and license from the CBK.
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Eventually kenya will get banned..lots of Nigerian using Kenyans PayPal and card fraud..CBK should monitor any money going to Nigeria from kenya.The Nigeria uses bitcoin to buy stolen credit cards from Russian hackers..then transfer the money to kenya
PayPal or kenya bank account or mpesa...then finally it land in Nigeria. Soon kenya will show up as destination for stolen card money...we get banned.
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Onething this Governor has been steadfast on is Money laundering. Lots of Kenyan ravers are in Credit card fraud. Usually Interpol will give them time until they enmass loot and identify a Kingpin and come him.
Eventually kenya will get banned..lots of Nigerian using Kenyans PayPal and card fraud..CBK should monitor any money going to Nigeria from kenya.The Nigeria uses bitcoin to buy stolen credit cards from Russian hackers..then transfer the money to kenya
PayPal or kenya bank account or mpesa...then finally it land in Nigeria.
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I don't think there is Kingpin..its mostly peer to peer..Nigerians looks for Kenyans who accept to sell or lease their PayPal..or give them stolen credit cards to shop online with them..then wire the money to Nigeria after deducting their commission. I guess flutterwave was the main app for doing that.So yes killing flutterwave is one big move....see all those billions.Nigeria is generally banned from online transactions
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Im telling you how Interpol system works…..They let the scams continue until they can nab a Kingpin who will tell on the rest of the players
I don't think there is Kingpin..its mostly peer to peer..Nigerians looks for Kenyans who accept to sell or lease their PayPal..or give them stolen credit cards to shop online with them..then wire the money to Nigeria after deducting their commission. I guess flutterwave was the main app for doing that.So yes killing flutterwave is one big move....see all those billions.Nigeria is generally banned from online transactions
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I could rather they scrutinize this heavily instead of doing nothing. Omollo was here the other day complaining about $10k limit by central bank and then you see this crap???