dLocal joins forces with KCB Group

Following Kenya’s approval of dLocal’s local entity for its payment service licence, the collaboration between the company and KCB Group, the commercial banking services managed by the Central Bank of Kenya, intends to serve the untapped market and underlines the region’s potential as a financial and technological hub.

By accepting dLocal’s submission for a money remittances flow, the KCB focuses on supporting the free flow of money wire transfers via the country’s official banking system. In addition, directly collaborating with the Kenyan Commercial Bank mitigates the need for third-party involvement, thus working towards making transactions more cost-efficient and reliable for dLocal clients.

Considering that Kenya represents a significant market for remittances, the ability to send and receive payments via a trusted source can result in a minimised probability of mismanaged finances, whilst serving the increased demand for such services. The introduction of dLocal’s remittance approval with KCB in Kenya is set to allow the company to develop its operations across Africa, following the firm’s expansion in Nigeria, Tanzania, South Africa, and Rwanda, among others.

Moreover, representatives from dLocal underlined that receiving licencing in Kenya supports their company’s development strategy. Also, the new approval is set to offer a simplified, accelerated, and convenient option to Kenyan consumers, whilst assisting dLocal in growing its payout capabilities. The current announcement comes shortly after dLocal’s partnership with Eneba, a marketplace focused on the gaming industry. Through their collaboration, the two companies were set to deliver accessible gaming for the LATAM market, offering bank transfers, card and cash payments, and PIX, in countries including Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Peru, and Uruguay.