KENYA – LemFi, the cross-border payment solution that enables the diaspora community to send and receive money back home, has received additional approval from the Central Bank of Kenya (CBK) to operate remittances in Kenya.
The remittance services will be offered with Kenyan fintech Flex Money Transfer.
The fintech, which entered the Kenyan market in June 2023, said in a statement that the approval demonstrates its commitment to providing secure and efficient services by partnering with trusted local partners while complying with the set regulatory framework by the CBK.
LemFi is a mobile app that provides Kenyans in the Diaspora with a seamless and efficient way to send money back home.
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 the best exchange rates—all at zero transfer fees. Prospective customers can download the LemFi app from the Apple App Store or Google Play Store.
The LemFi app now has a Kenya Shillings wallet where clients may open and fund their accounts using mobile money. After opening the account, the consumer can convert their Kenya Shillings to currencies such as US dollars, British pounds, and Canadian dollars based on their transactions.
In April of this year, LemFi received approval from the Central Bank of Kenya (CBK) to provide remittance services in East Africa. LemFi pledged to deliver secure services while adhering to the regulatory framework established by the CBK.
The company’s platform has no transfer fees, supports multiple currencies, and allows for international money transfers without needing a bank account. Thus, immigrants and individuals with global connections can send and receive money.
LemFi country manager Kakea Mbacha assured consumers that the services would be free. FinTech seeks to ensure that Kenyans in the diaspora can swiftly and at affordable rates transfer money home.
“When Africans leave their countries to work, study, or live abroad, they still maintain family, business, and friendship connections back home. These connections are often maintained through communication and the need for effective ways to send and receive items and money from home. It is for this reason that LemFi exists,” she said
LemFi is licensed by the Central Bank of Nigeria as an international money transfer operator, which enables it to partner directly with banks to deliver its services and conduct inbound money transfers to Nigeria in line with regulations.
LemFi resumed operations in Ghana in February 2024, two months after temporary suspension following the Bank of Ghana declaring it illegal. In March 2024, LemFi signed a new deal with Visa’s Cross-Border Solutions division to expand its operations into new global markets like China, India, and Pakistan.
The startup hired Allen Qu, the former Chief Operating Officer at Opay, in the same month to lead its expansion efforts in China.
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