Kenya permits fintech LemFi to offer remittance services

LemFi, a United Kingdom-based digital banking platform designed for immigrants, has received approval from the Central Bank of Kenya (CBK) to provide remittance services in the East African country.

The fintech, which joined the Kenyan market in June last year, received the permission yesterday, pledging 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 the need for a bank account, allowing immigrants and individuals with global connections to send and receive money.

‘’It is a significant step in LemFi’s promise of international payments to the over 500,000 Kenyans in the diaspora, ‘’ the company said in a statement on Wednesday.

Kenyans in the United Kingdom, the United States, and Canada can use the platform to send money to M-PESA and bank accounts in minutes.

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 other currencies such as US dollars, British pounds, and Canadian dollars based on their transactions.

LemFi country manager Kakea Mbacha assured consumers that there would be no fees for the services, as the fintech seeks to ensure that Kenyans in the diaspora can transfer money home swiftly and at affordable rates.

“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.