**TRACKNEWS ONLINE INVESTIGATIVE DESK**
Flutterwave UK Limited has resolved to write off its entire investment in its Cyprus-based subsidiary, Netinfo Pay Limited, following an objection raised by the Bank of Cyprus in May 2025, according to the company’s audited financial statements.
The disclosure, contained in Note 11 of Flutterwave UK Limited’s accounts for the financial year ended December 31, 2024, raises questions about the circumstances surrounding the objection and the decision to abandon the investment.
The accounts, filed at the United Kingdom’s Companies House on September 19, 2025, confirm that Flutterwave UK Limited resolved after the balance sheet date to write off its investment in Netinfo Pay Limited.
However, the company provided no details about the nature of the Bank of Cyprus objection, what prompted it, or whether any regulatory conditions or restrictions were imposed on the subsidiary.
The financial statements also do not disclose the value at which the investment was carried before the write-off.
### BANK OF CYPRUS OBJECTION AT THE CENTRE OF THE DISCLOSURE
Netinfo Pay Limited, which operates under the brand name NETinfoPAY, is registered in Cyprus under company registration number 318472, with its registered office at 23 Aglantzias, Netinfo Building, 2108 Nicosia.
The company describes itself as an electronic money institution authorised by the Central Bank of Cyprus under authorisation number 115.1.3.15.
Flutterwave UK Limited held 100 per cent ownership of the Cyprus subsidiary, making the decision to write off the investment particularly significant.
The Central Bank of Cyprus is responsible for licensing and supervising electronic money institutions in the country. Its regulatory powers include imposing operating conditions, demanding corrective measures, restricting business activities, suspending or withdrawing authorisations and imposing administrative fines.
Nevertheless, the filed accounts do not establish whether the objection raised by the Bank of Cyprus involved licensing, compliance, corporate governance, operational issues or any other regulatory concern.
### FLUTTERWAVE UK RECORDS £2.27M LOSS
Beyond the Cyprus development, Flutterwave UK Limited reported a loss of £2,269,537 for the year ended December 31, 2024, compared with a profit of £485,456 recorded in 2023.
The company generated turnover of £6,612,114 during the period through a Business Support Service Agreement with its parent company.
Another significant entry in the accounts is a £2,609,962 loss on the disposal of an investment.
However, the accounts do not identify the investment involved in that disposal.
Importantly, the disposal loss was recorded in the financial year ended December 2024, while the write-off of Netinfo Pay Limited was disclosed as a post-balance-sheet event.
The financial statements do not establish that the two transactions involved the same investment.
### AUDITOR ISSUES UNQUALIFIED OPINION
Despite the financial losses and subsequent Cyprus investment write-off, Flutterwave UK Limited received an unqualified audit opinion.
Ward Divecha Limited, chartered accountants based in Welbeck Street, London, signed the audit report on August 26, 2025.
Senior statutory auditor Adil Divecha stated that the financial statements gave a true and fair view of the company’s financial position and performance.
The auditor also reported no material uncertainties concerning the company’s ability to continue as a going concern.
The unqualified opinion relates to the financial statements as a whole and does not, by itself, explain or resolve the circumstances surrounding the Bank of Cyprus objection.
### WIDER INVESTMENT PORTFOLIO
The accounts also reveal Flutterwave UK Limited’s investments in other African financial technology companies.
These include a 25 per cent interest in Egypt-based Paymob Technology Limited and stakes in South Africa’s Ozow Proprietary Limited, comprising 2.82 per cent of its ordinary shares and 8.70 per cent of its preference shares.
At the wider group level, Flutterwave has continued to attract investor interest, including a reported Series E funding round in June 2026 that valued the company at $3.2 billion, with Ripple taking a stake.
The Cyprus development therefore presents an important question about one of the group’s international investments and the circumstances that led to its eventual write-off.
### KEY QUESTIONS REMAIN UNANSWERED
The disclosure in Note 11 leaves several important questions unanswered:
1. What exactly did the Bank of Cyprus object to in May 2025?
2. Was the objection connected to Netinfo Pay Limited’s regulatory authorisation or its business operations?
3. Did the regulator impose any conditions, restrictions or corrective measures?
4. What was the financial value of Flutterwave’s investment before it was written off?
5. Why did Flutterwave UK Limited decide to write off its entire investment rather than pursue a resolution?
The published accounts do not provide answers to these questions.
NaijaonpointOnline is not alleging wrongdoing by Flutterwave UK Limited, its directors, its parent group or Netinfo Pay Limited. The report is based on disclosures contained in the company’s filed financial statements and the information available in the cited corporate records.
The central issue remains the unexplained objection by the Bank of Cyprus and the subsequent decision to write off the entire investment in a wholly owned subsidiary.
**TRACKNEWS ONLINE will continue to examine the financial disclosures and seek further clarification on the circumstances surrounding the Cyprus development.**
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