Bonto Kenya, a Nairobi-based fintech specializing in remittance and foreign exchange services, has officially ceased operations less than two years after its launch. The company voluntarily surrendered its Money Remittance Provider licence to the Central Bank of Kenya (CBK), just months after receiving regulatory approval.
Bonto stopped processing transactions on August 15, and shortly thereafter requested the cancellation of its licence. The CBK confirmed the revocation in a gazette notice dated September 11, marking the end of the startup’s brief journey in Kenya’s competitive financial services sector.
In a candid statement on LinkedIn, Founder and CEO Yoann Copreaux explained the decision:
FX margins collapsed, breakeven scale became unrealistic. Remittance fees dropped to near zero, while compliance costs kept rising.
Bonto had generated optimism when it secured its CBK licence in early 2025, aiming to carve out a niche in Kenya’s $5.7 billion remittance market. However, the company struggled to gain traction in a space dominated by M-Pesa, global fintech giants, and established banks. Despite its innovative approach, Bonto found it increasingly difficult to compete on pricing and scale.
Copreaux noted that legacy money transfer firms could rely on existing customer bases to weather industry pressures, while startups like Bonto were “trying to build in the desert.” The team explored alternatives, including selling the licence, and reached out to over 50 fintech companies, receiving five offers. However, none materialized due to regulatory approval timelines and the startup’s mounting monthly losses.
It was emotionally tough, but closing was the only rational decision by a wide margin.
Yoann Copreaux
The closure of Bonto highlights a paradox in Kenya’s fintech landscape: while remittance inflows hit record highs, smaller providers are being squeezed out. With transaction fees rapidly approaching zero and compliance requirements becoming more stringent, only firms with significant scale or loyal customer bases are able to remain viable.
For Bonto’s team, the focus now is on winding down operations responsibly and regrouping for future ventures. The experience underscores the challenges faced by fintech startups in high-growth but highly competitive markets, and the importance of sustainable business models in navigating regulatory and economic headwinds.
