Re: press reports on Kora in Kenya

Last year, Kora expanded its operations into Kenya in pursuit of our mission to enable payments across, into and outside of Africa. To ensure we operate legally in Kenya, we approached the Central Bank of Kenya (CBK) for its license to operate as a payment and remittance services provider.

As part of the capital requirements from the CBK for obtaining a payment service provider and remittance operator license (PDF Pg. 720), Kora deposited the sum of $250,000 in its freshly opened bank account. In line with CBK requirements, this amount was left untouched pending the granting of our license. Easily verifiable records of this account will show that the $250,000 deposit is the only transaction carried out on that account to date.

Unfortunately, Kora has been dragged through Kenyan courts on empty, unfounded allegations of money laundering since May of 2022. As a responsible corporate citizen, we have consistently challenged all these allegations in court and will continue to do so; we have documents that support our position. We are confident that the Kenyan courts will come to see that the accusations against us are not only wholly baseless but borderline malicious.

Kora is deeply committed to being an ethical African payments company. Across all the jurisdictions we operate from, we hold ourselves to strict compliance standards through stringent anti-money laundering (AML) processes. We plan to continue our engagement with Kenyan regulators to resolve this matter as Kenya remains a crucial component of our African ambitions.

In the meantime, we remain unwavering in our resolve to enable payments across, into and outside of Africa with a single API.

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About Kora:

Kora is a pan-African payment infrastructure offering a robust payment API for payment collections (payins) and disbursements (payout), and settlements.

Kora services enable global companies to scale rapidly across Africa. With a single integration, Kora powers businesses to accept payins, payouts and settle across popular payment channels.

For more information and interview requests, contact:

Lagos; ‘Gbenga Onalaja|Head of Marketing and Comms, Kora | gbenga@korapay.com

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Kora

Payment Infrastructure! We offer plug and play payment solutions for businesses to launch a tailored payment experience to their customers. www.korapay.com