Fraud, perjury and insider trading? All in a day's work. A glimpse at the dark underbelly of Africa's biggest fintech superstar
Well, i know nothing about the backend at Flutterwave but I've always knew Flutterwave is shady. E.g if you want to buy dollar from their batter platform they'll sell it to you at the highest black market rate you can find (~595), but after buying that dollar if you try to sell it they'll buy it at CBN rate(~415) not black market rate, not even bank rate, but CBN RATE and they'll tell you 415 rate gotten from Wema bank, like what happened to Wema bank when i was buying? Like can you imagine. Another thing I've noticed is when you try paying for stuff in USD, once they detect your card is denominated in Naira they'll automatically try to charge you Naira at that high black market rate, they won't even give you the option to pay USD they'll literally force you to take the high exchange rate, like give me the option to choose for my bank to do the conversion at least. I've always known they're very shady.
This is a well detailed and presented article! There are evidences literally littered everywhere.
David usually comes to a knife fight with a bazooka. This time, he brought a nuclear weapon.
I held my breathe till I was done reading. What an exposé
Thank you David for putting in this brilliant piece of investigation.
This is an eye-opener and I am waiting for the response of Flutterwave and their PRs.
As a budding journalist, I am inspired by your depth investigation and your writings.
Let the conversation continues.
David Hundenyin you are a genius in this profession.
Nothing can surprise me again at this point. Tick-tock indeed
I knew it from get go that there was something unholy between Flutterwave and Access Bank. They tried to mask it with Pay With Capture and all their APIs had PWC tag on it. The Gbenga guy I know from way back loved babes and razzles them at City of David. They are also fronting Afritickets in Crypto transactions but CBN looks the other way because their chairman is Tunde Lemo. This life nor balance at all. Chop the babes chop money join. Fraudsterwaves
Really enlightening. Nobody does investigative journalism like you do
Now, you've proven to be not just a journalist but the real seeker of truth. David, you have the opportunity to live a lasting positive imprint on Africa as one of the greatest pen Master to ever emerge out of this continent and more so at a time of chaos when Africa is in dire need of cultural consciousness. May God keep you safe. I will be reaching out to you shortly.
I am not 100% surprised at these revelations.
When Flutterwave first came out, I had my reservations because I noticed their payment platform was not set up with any user security such as PIN or OTP.
It was at a food fair. My friends and I made a purchase, and the merchant asked me to use my card for payment. He brought out a device, instructing me to input my card details on the flutterwave payment platform. I refused to do so, asking why I can't go to the platform on my phone and make the payment, as my card details sre meant to be securely kept and not disclosed to third parties. I also asked how the platform works. He explained my account will be debited automatically without need for PIN or OTP. I voiced my concerns to the merchant, and refused to pay using the flutterwave platform at that time, as the system would allow anyone in possession of your card details to utilize the funds in your account without needing to know your PIN or having access to your phone, email or hardware token for OTP.
Since then, I have remained skeptical about flutterwave's products.
How do you call yourself a fintech pioneer in Africa, yet you launch without some of the most basic security features to protect users?
My friends thought my own was too much back then. Shebi breeze don blow fowl yansh open. Who's laughing now?!
David at his best again... a good read
This is why they jump into bed with dictators so as to cover their dirty smelling behinds with political clout.
Well done David. Stay safe.
You’re so good at what you do. Ah🙌🏽🙌🏽
Can you help investigate and publish the atrocities on the Nigeria Driver's license and number plates.
You register and make payments at the banks and the authorities deny seeing or receiving the funds through the channels they created.
They force you to make another payment and go through their agents, whom you have to pay at least another 100% or up to 150% of the official fees.
Yahoo boys in Suits, David Well Done. Slaughterwave should be buried.
Well done Dave. You never can mix personal bad lifestyle with business lifestyle and expect you will come out well. You can find this kind of stuff in every country not just Nigeria... For those calling Nigeria to limelight. Woman/sex is same stuff that brought down almighty Sampson. Don't mess with women, they can be silent playing to the tune, but gathering it all. He should publicly apologise and accept his fait. Or sell off to another entity that can look deeply into the business model and shuffle things around. I own a tech company and surely have learnt some other things to avoid.