GHANA – RightCard Payment Services Limited (LemFi), an international payment company and a subsidiary of Lemonade Technology Inc, has received official approval from the Bank of Ghana (BoG) to resume its remittance services to Ghana.
The company had been issued a temporary suspension of its money transfer services in November 2023.
RightCard Payment Services Limited, operating under the brand name LemFi, is now authorized to recommence its operations in Ghana through approved payment companies, specifically BigPay and ExpressPay.
LemFi, renowned for its innovative services and products available through the LemFi app across various markets, holds a license as an Electronic Money Institution granted by the Financial Conduct Authority in the United Kingdom.
Precious Ama Kwartemaa Oduro, LemFi’s Country Manager, expressed appreciation to the Bank of Ghana and the partnering companies for their collaborative efforts in facilitating the restoration of services.
“We are resuming our operations with a heightened understanding and are better equipped to meet the evolving needs of the Ghanaian market,” Oduro remarked.
LemFi’s reentry into the Ghanaian market underscores a renewed focus on customer satisfaction, strengthened partnerships with key stakeholders, and an unwavering commitment to promoting financial inclusion.
Both existing and prospective customers can now avail themselves of LemFi’s competitive exchange rates, zero transaction fees, and instantaneous transfer delivery by downloading the LemFi app from the iOS or Google Play Store.
LemFi has joined the likes of Flutterwave, Interswitch, PayPal, and Opay to operate as an International Money Transfer Operator (IMTO) in Nigeria.
This achievement underscores Lemonade Technology Inc.’s (LemFi) commitment to providing secure and efficient services while adhering to the regulatory framework set by the Central Bank of Nigeria.
Money transfer operators, commonly known as MTOs, are financial entities engaged in cross-border fund transfers either through their internal systems or by accessing cross-border banking networks.
MTOs offer a range of services, including cash transfers, mobile transfers, and online transfers, often charging fees for their services. These platforms provide a fast and convenient way to transfer money, especially for individuals without access to a bank account.
With its newly acquired IMTO license in Nigeria, RightCard Payment Services can now directly partner with banks, eliminating intermediaries, and providing customers with a superior money transfer experience in Nigeria.
In accordance with the 2014 Guidelines for the Operation of International Money Transfer Services in Nigeria, companies seeking to offer IMTO services in the country must obtain a license from the Central Bank of Nigeria (CBN).
IMTOs are authorised to receive funds for the purpose of sending them to individuals residing in Nigeria or other nations. They may also provide cross-border transfer services for private needs, such as family support and transfers for foreign visitors to Nigeria.
However, IMTOs are not permitted to accept deposits or provide money lending services, as these require separate licensing. Additionally, they are not allowed to purchase foreign currency on the domestic foreign exchange market for settlement purposes.
Fintech’s incredible advancement has made quick money transfers around the world almost casual. International remittances and transfers have significantly progressed from the days of lengthy due diligence inspections and slow transactions that could take up to a week.
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