Flutterwave warns of Ponzi scheme impersonating its brand in Cameroon

Flutterwave has issued a public warning after uncovering a fraudulent platform operating under the name “flutterwave.vip,” which is impersonating the fintech company to run a Ponzi-style investment scheme targeting users in Cameroon.

The company says a fake platform is being advertised on several Facebook accounts that pretend to be Flutterwave. These accounts lure users with promises of quick returns and encourage them to deposit money into what is falsely shown as a real investment opportunity.

Flutterwave has stated that it does not provide investment services. It also confirmed that they do not have an office at the address being falsely advertised by scammers.

“We do not operate any investment schemes, nor do we have an ‘investment office’ located at Rue Lottin Same, Boulevard de la Liberté, Douala,” the company said, urging users to avoid engaging with unofficial channels or sharing sensitive personal information.

The warning comes at a pivotal time for the company, which recently secured a Nigerian banking licence, marking a major step in its transition from a payments platform into a broader financial services provider.

With over one billion transactions processed and more than $40 billion moved across its network of over two million businesses, Flutterwave’s growing influence has also made it an attractive target for bad actors seeking to exploit its reputation.

Fraudsters lean on trusted fintech brands like Flutterwave

Across Africa, Ponzi schemes are increasingly using complex methods, such as posing as digital investment platforms and falsely associating themselves with well-known fintech companies to appear legitimate.

These scams copy branding, create fake social media pages, and make up office locations. This creates a false sense of trust that can be hard for people to spot right away.

Usually, these scams lure people in by promising very high profits and extra rewards for recruiting new members. Such schemes are inherently unsustainable, and they usually fall apart when the flow of new members decreases, causing many people to lose money.

Similar read: Flutterwave secures Nigerian banking licence, signals growth from payments firm to full bank

Increased adoption of digital financial services in Africa exposes users to more cyber threats, particularly in markets with developing regulatory awareness and consumer education.

As fintech adoption grows across Africa, companies are finding it increasingly necessary to protect their brands from misuse.

Flutterwave urges users to verify all communications through its official channels and to consider any investment offer using its name as fraudulent.