Marasoft, the Nigerian fintech founded by Emmanuel Marakwe-Ogu, has refuted allegations that it paid staff with funds suspected to be fraudulent, though it has not offered further details due to non-disclosure agreements. According to a spokesperson, “disgruntled former employees” have spread false information about the company. Operating in both Kenya and Nigeria, Marasoft enables businesses and individuals to collect payments through its platform.

TechCabal first reported these claims on January 25, following interviews with 10 former employees and with Flutterwave—the wallet provider from which the disputed funds were allegedly transferred. The company also claimed that it laid off 25% of its staff in January for “economic reasons,” reducing its workforce from 35 to 25 employees, but did not provide any proof.

Former employees have alleged that their bank accounts remain blocked due to the suspected fraudulent funds, and documents obtained by TechCabal indicate that their salaries were “traced to a fraudulent merchant.” In addition, Marasoft denied any involvement in a 2022 Kenyan court case, despite publicly available documents naming the company. The case, which involved Marasoft and other fintech firms, reported deposits totalling over $55 million into Flutterwave.