LemFi, a digital banking platform based in the United Kingdom and tailored for immigrants, has been granted approval by the Central Bank of Kenya (CBK) to offer remittance services within the East African country.
The fintech, which was formerly known as Lemonade Finance, entered the Kenyan market in June 2023 and obtained the approval for remittances on April 3 2024. It has committed to providing secure services while operating within the regulatory framework set forth by the Central Bank of Kenya.
Kenyans are among the largest recipients of remittances from abroad in sub-Saharan Africa with the government ready to increase the volume of remittances over the next decade.
President Ruto: It is my intention to increase diaspora remittances from 3.8 billion dollars to 10 billion dollars pic.twitter.com/nl4syUUR1p
— Citizen TV Kenya (@citizentvkenya) April 3, 2024
LemFi boasts 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.
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 has introduced a Kenya Shillings wallet feature, enabling clients to open and fund their accounts using mobile money. Once the account is set up, users can convert their Kenya Shillings to other currencies such as:
- U.S. dollars
- British Pounds, and
- Canadian Dollars
depending on their transaction needs.
LemFi’s Country Manager, Kakea Mbacha, reiterated that there will be no fees for the services offered. The fintech aims 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.
As reported by BitKE in 2021, Lemonade Finance was among 9 African tech startups selected for the Y Combinator S21 batch.
Crypto-Friendly, Lemonade Finance, Among 9 African Tech Startups Selected for the Y-Combinator S21 Batch: https://t.co/q1f5K1zHyY @LemonadeFinance
— BitKE (@BitcoinKE) July 8, 2021
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