Korapay Cleared Of Money Laundering And Fraud In Kenya

Korapay, a fintech company based in Nigeria, has been cleared of money laundering and card fraud allegations in Kenya.

The charges against the company which were brought up by Kenya’s Asset Recovery Agency (ARA) in July have been dropped.

The ARA is the Kenyan agency that identifies, traces, freezes, seizes, confiscates, and recovers proceeds of crime in the East African country. The agency filed a suit that lead to the freeze of Korapay’s accounts on 14th July 2022.

According to a court document, the ARA decided to drop the charges on 19th October, 2022.

Kenya’s Directorate of Criminal Investigation (DCI) said there’s currently no evidence to prove the payment company guilty of money laundering or card fraud. 

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