Kenya directs all banks to stop dealing with Chipper Cash, Flutterwave, saying they are unlicensed

A day after Central Bank of Kenya (CBK), Kenya’s monetary authority, said that Chipper Cash and Flutterwave were not licensed to operate in the East African country, the regulator has directed all financial institutions to cease doing business with the two fintechs.
The CBK’s bank supervision deputy director, Matu Mugo, directed all regulated banks, microfinance and mortgage finance institutions to stop their partnerships with the two startups with immediate effect — dealing a blow to Flutterwave and Chipper Cash, some of Africa’s highest valued startups.
The letter to the CEOs followed

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