Cross-border money transfer platform LemFi has entered into Kenya, partnering with Pesa Swap, a local online and mobile payment solutions provider to help Kenyans send money into the country
Formerly known as Lemonade Finance, the company says its target market includes Kenyans living in the United States of America (USA), the United Kingdom (UK), and Canada, among others
According to Kakea Mbacha, the country manager for Lemfi, Africans who migrate for work, studies, or to settle overseas still maintain strong connections with their families, businesses, and friends back home. These connections often rely on effective communication and the need to send and receive items and money to and from their home country. This is the purpose behind the existence of LemFi.
Through LemFi, users have the option to set up wallets using Kenyan shillings and fund their accounts using mobile money services. Consequently, customers can convert their local currency to the US dollar, British pound, or Canadian dollar, depending on their specific transactions.
Kakea emphasized that LemFi’s services are fee-free, aiming to ensure that Kenyans in the diaspora can instantly send money home at the most favorable exchange rates. This commitment reflects the brand’s promise to its customers.
Chris Munyasya, the CEO of Pesa Swap, highlighted the significant rise in diaspora remittances in the past financial year, with a notable portion of the funds being sent by women.
Founded in October 2020 by Ridwan Olalere and Rian Cochran, LemFi was built to be “a borderless money app for Africans”. It recently changed its name from Lemonade Finance, saying the decision to change the name was driven by a desire to simplify and capture the essence of the company’s vision and to differentiate itself in the evolving financial services landscape.
