Accused of using fraudulent funds for salaries, Marasoft dismisses claims as false. But with blocked accounts and missing evidence, what’s happening?
Nigerian fintech company Marasoft, founded by Emmanuel Marakwe-Ogu, has denied accusations that it paid employees with questionable funds. However, the company declined to provide supporting evidence, citing non-disclosure agreements (NDAs).
The allegations first surfaced in a TechCabal report on January 23, which was based on statements from ten former employees and Flutterwave, the wallet provider allegedly involved in the transactions. Marasoft dismissed the claims as “false information” spread by “disgruntled former employees” but failed to present documentation to support its defense.
In an interview with TechCabal, a Marasoft spokesperson sidestepped questions about allegations that the company withdrew $54,000 from a Flutterwave wallet due to a system glitch and later used the funds to cover staff salaries.
Meanwhile, former employees maintain that their bank accounts have been frozen due to suspected fraudulent transactions. Documents seen by TechCabal suggest their salaries were linked to a fraudulent merchant.
Marasoft also refuted claims that it paused operations, instead stating that it reduced its workforce by 25% in January, citing economic reasons. However, internal documents obtained by TechCabal contradict this statement.
“We are excited to announce that Marasoft Pay will be resuming full operations in the coming days. However, it’s important to note that we will be moving forward with a streamlined team, focusing on the roles that are critical to our next phase of growth,” read a company letter sent to employees on January 6, 2025.
This is not the first time Marasoft has been linked to financial irregularities. The company also denied involvement in a 2022 Kenyan court case that named it as one of the fintech firms that deposited over $55 million into Flutterwave. However, publicly available court records contradict this claim.
Despite Marasoft’s persistent denials, former employees continue to stand by their allegations, presenting documents to support their case.
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[…] Marasoft Pay founder Emmanuel Marakwe-Ogu launched the company in 2022 to fix Africa’s slow and costly payment systems. Since then, the startup has grown fast, helping businesses in Nigeria and Kenya manage payments more smoothly. Now, Marakwe-Ogu wants to take Marasoft Pay to more African countries, offering tools that help small businesses succeed. […]