LemFi receives CBK approval for Kenya remittance operations

Monday 8 April 2024 09:48 CET | News

US-based fintech LemFi has received regulatory approval from the Central Bank of Kenya (CBK) to operate remittances in Kenya.


LemFi entered the East African country in June 2023 and the regulatory approval is a significant step in its promise to deliver seamless international payments to thousands of Kenyans in the diaspora.

LemFi has received regulatory approval from the Central Bank of Kenya (CBK) to operate remittances in Kenya.

Seamless cross-border remittance services offered by LemFi

Kenyans in the United Kingdom, the United States of America, and Canada can send money within minutes directly to M-PESA, mobile money, and bank accounts at convenient exchange rates, all at zero transfer fees.

Notably, the LemFi app provides a Kenya Shillings wallet setup, allowing users to fund their accounts with mobile money and open accounts. Afterward, based on their transactions, users can easily exchange their Kenya Shillings for other foreign currencies, such as US dollars (USD), British pounds (GBP), and Canadian dollars (CAD).

LemFi’s approval to operate remittance services in Kenya is coming after it announced in February 2024, that it has obtained approval from the Bank of Ghana (BoG) to resume its remittance services to Ghana with some of its approved partners.

Founded in 2020, the LemFi delivers innovative services and products in various markets, through its app. The fintech service is aimed at Africa’s diaspora community and the company said it wants ‘to revolutionise the international money transfer market’ with innovative solutions at zero fees.

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Keywords: remittance, mobile payments, digital wallet, FX , money transfer
Categories: Payments & Commerce
Companies: Central Bank of Kenya, LemFi
Countries: Kenya
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Payments & Commerce

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