LemFi brings remittance services to Kenyans abroad

LemFi brings remittance services to Kenyans abroad

Remittances are in the news yet again, this time in the shape of LemFi, a cross-border payment solution that allows people in the diaspora to send and receive funds back home. LemFi has announced that it has secured the approval of the Central Bank of Kenya (CBK) to operate remittances in Kenya.

LemFi, formerly Lemonade Finance, provides a mobile app that enables Kenyans in other countries to send money home. As the Techpoint Africa news service explains, Kenyans in the United Kingdom, the US and Canada, for example, can send funds to Kenya in minutes via financial institutions such as M-Pesa, mobile money wallets, and bank accounts, with no fees.

The LemFi app also provides a Kenya shillings wallet offering, allowing users to fund their accounts with mobile money and to open accounts. Users can exchange their shillings for a number of foreign currencies including US dollars and British pounds.

In Nigeria LemFi is licenced by the Central Bank of Nigeria as an International Money Transfer Operator. This enables it to directly partner with banks to deliver its services and conduct inbound money transfers to Nigeria in line with regulations. It also operates in Ghana and recently signed a new deal with Visa’s Cross-Border Solutions division to expand its operations into new global markets like China, India, and Pakistan.

With the new Kenyan licence, the company says it can focus its resources and efforts on providing secure and efficient services while adhering to CBK's regulatory framework.

LemFi is part of a burgeoning and highly competitive remittance market. Less than a month ago we reported that, in LemFi’s home market of Nigeria, neobank Kuda had won a licence allowing it to offer remittance and multi-currency wallet services to Africans living in Canada.


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