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Fintech LemFi gets additional remittances license in Kenya

By , Kenya Correspondent
Kenya , 21 May 2024
LemFi country manager, Kakea Mbacha.
LemFi country manager, Kakea Mbacha.

LemFi, a cross-border payments provider, has gained additional approval from Kenya's Central Bank (CBK) to handle remittances.

The latest license will enable the fintech to provide remittance services in collaboration with Kenyan fintech Flex Money Transfer.

The fintech, which joined the Kenyan market in June of last year, said in a statement that the approval underlines its commitment to provide secure and efficient services through partnerships with trusted local partners while adhering to the CBK's regulatory framework.

Kenyans in the diaspora can use LemFi's mobile app to send money home.

Kenyans in the United Kingdom, the United States of America, and Canada can send money in minutes to M-PESA, Mobile Money, and bank accounts—all with no transfer fees.

In April of this year, the company gained approval from CBK to offer the same services in collaboration with another Kenyan fintech, Wapi Pay.

According to LemFi Country Manager Kakea Mbacha, the services would be free of charge because the fintech wants Kenyans in the diaspora to be able to send money home swiftly and at the best possible rates.

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