LemFi, a company specializing in cross-border payments, has recently received additional authorization from the Central Bank of Kenya (CBK) to manage remittance operations within the country. This new license will facilitate LemFi to offer remittance services in Kenya through a strategic partnership with local fintech company Flex Money Transfer.
Having entered the Kenyan market in June of the previous year, LemFi emphasized in a statement that this approval is a testament to its dedication to delivering secure and efficient payment services. The company is committed to forging alliances with reputable local partners and operating within the regulatory guidelines set forth by the CBK.
The LemFi mobile application provides a convenient channel for Kenyans living abroad to send money back to their home country. The service is particularly tailored for Kenyan expatriates residing in the United Kingdom, the United States, and Canada, enabling them to transfer funds quickly to M-PESA, Mobile Money, and bank accounts in Kenya without incurring any transfer fees.
Earlier in April, LemFi had obtained a similar approval from the CBK to collaborate with another Kenyan fintech firm, Wapi Pay, to provide comparable remittance services.
Kakea Mbacha, the Country Manager for LemFi, stated that the company’s remittance services would be offered free of charge. This decision is driven by LemFi’s goal to ensure that Kenyans living overseas have the ability to send money back home efficiently and at the most favorable exchange rates possible. LemFi’s approach is focused on facilitating swift and cost-effective financial support from the diaspora to their families and communities in Kenya.
