Marasoft, the Nigerian fintech founded by Emmanuel Marakwe-Ogu, has denied allegations of using fraudulent funds to pay employees but has failed to provide any supporting evidence. The company attributed the claims to “disgruntled former employees” spreading false information, yet it declined to share documents or clarify key details.
The allegations, first reported by TechCabal on January 25, 2025, are based on interviews with 10 former employees and Flutterwave, the wallet provider from which the funds were allegedly transferred. The report suggests that Marasoft withdrew $54,000 due to a system glitch and used it to pay staff salaries.
Marasoft’s Response: Denial Without Proof
In response to the allegations, Marasoft denied any wrongdoing but refused to provide documentation, citing non-disclosure agreements (NDAs). A company spokesperson claimed the accusations were driven by personal grievances, yet they did not address whether employees’ salaries were linked to fraudulent transactions.
Meanwhile, several former employees reported that their bank accounts remain frozen due to suspected fraudulent funds. Documents reviewed by TechCabal allegedly link these payments to a “fraudulent merchant”, further complicating Marasoft’s position.
Marasoft’s Workforce Reduction & Operational Pause
Marasoft also denied pausing operations, instead stating that it downsized by 25% in January 2025 due to economic challenges. However, internal documents obtained from ex-employees contradict this claim, revealing that the company did pause operations.
An internal January 6, 2025 letter sent to staff 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.”
Kenyan Court Case Denial Despite Public Records
Marasoft also dismissed reports of its involvement in a 2022 Kenyan court case, which linked the company to over $55 million in deposits made to Flutterwave. Despite publicly available court documents naming Marasoft, the company denied any connection and dismissed the records.
Transparency Concerns Linger
While Marasoft continues to deny all allegations, former employees maintain their claims and have provided documents to support their assertions. While TechCabal has not independently verified the authenticity of these materials, the consistency of employee testimonies and Marasoft’s reluctance to provide proof raise serious concerns about transparency.
As scrutiny intensifies, industry observers will be watching closely to see whether Marasoft can clear its name or if further investigations will expose deeper financial irregularities.
