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  Multiple media outlets reported on Sunday that Flutterwave, a Nigerian fintech company, was allegedly robbed of more than ₦2.9 billion ($6.3 million) by hackers. The first report of the incident stated that ₦2,949,557,867, had been illegally transferred from Flutterwave’s account. Despite these claims, Yewande Akomolafe-Kalu, Head of Branding and Storytelling at Flutterwave, stated that the company had not been hacked. However, she acknowledged that a merchant’s account had been compromised, but clarified that “no user lost any funds.”
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“During a routine check of our transaction monitoring system, we identified an unusual trend of transactions on some users’ profiles. Our team immediately launched a review (in line with our standard operating procedure), which revealed that some users who had not activated some of our recommended security settings might have been susceptible,”
Yewande Akomolafe-Kalu, Head of Branding and Storytelling at Flutterwave, said in a statement seen by Flutterwave had reportedly requested the freezing of accounts where the stolen money was transferred, and a motion has been filed to freeze accounts in 27 Nigerian financial institutions, including Access Bank, Kuda, Zenith Bank, and OPay, according to reports made available to ConnectNigeria. However, Yewande Akomolafe-Kalu, Flutterwave’s Head of Branding and Storytelling, stated that no user lost any funds and the company is proud that their security measures were able to address the issue before any harm could be done to users. She added that they work with other financial institutions and law enforcement agencies to maintain a safe and secure ecosystem.
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It was alleged that a letter was sent to the Deputy Commissioner of Police, State Criminal Intelligence Department, Panti, Yaba, Lagos on February 19, 2023, by Flutterwave lawyer Albert Onimole, seeking police assistance to recover the “stolen funds.” However, this contradicts the statement made by Yewande Akomolafe-Kalu, Flutterwave’s Head of Branding and Storytelling, who claimed that no user lost any funds and that the company takes pride in its security measures. A few days before the hacking incident, the Kenyan Assets Recovery Agency withdrew its money laundering allegations against Flutterwave, releasing KSh6.6 billion (~$51 million) that was frozen in the company’s account. Despite this, Flutterwave has taken steps to improve its risk and governance, including the appointment of Emmanuel Efenure from Mastercard as VP and Head of Risk for Africa.
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In May 2022, Flutterwave faced allegations from an online gambling company called 86fb/86z who accused the fintech of freezing their funds and intending to take them as their own by cooperating with local authorities. However, Flutterwave denied the accusations and stated that some merchants were conducting transactions on behalf of 86fb/86z without approval or authorization. The company claimed that the involved merchants were suspended from using the platform and all funds owed to them were settled. Featured Image Source: Tekedia
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This article was first published on 8th March 2023


Nnaemeka is an academic scholar with a degree in History and International Studies from the University of Nigeria, Nsukka. He is also a creative writer, content creator, storyteller, and social analyst.

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