Marasoft, a Nigerian fintech company founded by Emmanuel Marakwe-Ogu, has denied allegations that it used fraudulent funds to pay employee salaries.
The company however declined to provide specific details, mentioning non-disclosure agreements (NDAs). The controversy began following reports that Marasoft allegedly withdrew $54,000 from a digital wallet after a glitch and used the funds to compensate staff. While the company dismissed these claims as false information spread by disgruntled former employees, it has yet to provide concrete evidence to back them. Several former employees claim that their bank accounts remain frozen due to suspected fraudulent transactions, with documents allegedly linking their salaries to a fraudulent merchant.
Marasoft has also denied allegations that it halted operations, stating that it only reduced its workforce by 25% in January 2025 due to economic challenges. However, internal documents from two former employees suggest that the company indeed paused operations.
A letter sent to employees on January 6, 2025, stated, “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.” Additionally, Marasoft denied involvement in a 2022 Kenyan court case, where court records allegedly name the company as one of the fintechs that deposited over $55 million into Flutterwave. Despite publicly available documents linking Marasoft to the case, the company’s spokesperson dismissed these claims.
Despite Marasoft’s repeated denials, former employees stand by their claims, providing documents they say support their allegations. While the authenticity of these materials remains unverified, the consistency of employee testimonies and Marasoft’s lack of substantial evidence raise concerns about the company’s transparency.
As the situation unfolds, the fintech sector will be watching closely to see how Marasoft navigates these allegations and whether it can restore trust in its operations.
