LemFi, a leading Nigerian global financial technology company offering international payment solutions, has received approval from the Central Bank of Kenya (CBK) to operate remittances in Kenya.
This move highlights LemFi’s dedication to providing secure and efficient services while complying with the regulatory framework in Kenya.
The Fintech company says with its recent remittance approval, customers can do so at the best exchange rates available, which aligns with its promise to ensure seamless international payments to thousands of Kenyans in the diaspora.
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The LemFi app provides a Kenya Shillings wallet setup, allowing users to fund their accounts with mobile money and open accounts. Afterward, based on their transactions, users can easily exchange their Kenya Shillings for other foreign currencies, such as US dollars (USD), British pounds (GBP), and Canadian dollars (CAD).
It is worth noting that when the payment platform first announced its entry into Kenya, in 2023, its Country Manager Kakea Mbacha said the services would not attract any fees as the fintech strives to ensure that Kenyans in the diaspora can send money home instantly, at the best rates.
“Our services will not attract any fees as we strive to ensure that Kenyans in the diaspora can send money home instantly, at the best rates”, she said.
LemFi’s approval to operate remittance services in Kenya is coming after it announced in February 2024, that it has obtained approval from the Bank of Ghana (BoG) to resume its remittance services to Ghana with some of its approved partners.
LemFi’s return to Ghana was marked by a renewed focus on improved customer satisfaction, strengthened partnerships with key stakeholders, and a commitment to fostering financial inclusion.
Founded in 2020, LemFi delivers innovative services and products in various markets, through the LemFi app. It is available in Canada, the United Kingdom, and the United States, with plans to expand to more countries in the future.
The fintech service is aimed at Africa’s diaspora community and the company said it wants “to revolutionize the international money transfer market” with innovative solutions at zero fees.
Also, LemFi supports the use of multiple currencies through various wallets that customers can open and use to deposit money in different accounts. It is backed by leading investors who share the same vision.
The fintech company is reshaping the future of financial services, ensuring access for immigrants across the globe. Its mission is To improve the financial life of the next generation of immigrants.