LemFi restarts its operations in Ghana following a two-month hiatus

RightCard Payment Services Limited, a Nigerian fintech subsidiary of LemFi, has received clearance from the Bank of Ghana (BoG) to relaunch its remittance services in Ghana. This comes after a temporary hold placed on its operations in November 2023.

The BoG had previously suspended fintech subsidiary RightCard and other international money transfer companies, including Wise, Zeepay, and LemFi. The suspension was part of the bank’s enforcement of the Payment Systems and Services Act, 2019 (Act 987), which oversees payment services in Ghana.

The central bank further claimed that LemFi, along with the other cited companies, were functioning without the requisite licence or authorization to operate as electronic money issuers or payment service providers in Ghana.

Moreover, these companies allegedly breached the Foreign Exchange Act, 2006 (Act 723), which disallows the use of foreign currency as a medium of exchange within Ghana.

With the recent authorization for RightCard to provide remittance services, Payment Services is now allowed to deliver its services in Ghana through approved payment companies like BigPay and ExpressPay, in accordance with Bank of Ghana regulations.

In response to this advancement, LemFi’s Country Manager in Ghana, Precious Ama Kwartemaa Oduro, expressed gratitude towards the Bank of Ghana and partners for their role in restoring services.

“We are grateful to stakeholders at the Bank of Ghana as well as our partners for their role in ensuring service restoration. We resume our operations with a better understanding, and we are now better positioned to address the evolving needs of the Ghanaian market,” she stated.

LemFi’s revival in Ghana is characterized by a renewed emphasis on enhancing customer satisfaction, fortifying partnerships with essential stakeholders, and a commitment to promoting financial inclusion.

Established in 2020, LemFi provides remittance services to Africans residing overseas. It allows users to hold, send, and receive money in at least two currencies: their host country’s and home country’s.

In 2021, LemFi acquired UK-based RightCard Payment Services, enabling it to secure an Electronic Money Institution (EMI) license from the UK’s Financial Conduct Authority (FCA). This allowed the fintech company to offer more services to customers, like higher transaction limits and e-money accounts.

The startup also holds an International Money Transfer Licence (IMTO) in Nigeria. This permits it to process remittances to Nigerian bank accounts without a third party.

Via the LemFi app, RightCard offers innovative services and products in different markets. The startup has been strategically acquiring licenses and strengthening its network of financial institution partners to enable cross-border payments for migrants.

LemFi strives to empower the next generation of immigrants by providing a multi-currency platform. The platform enables seamless transactions, including sending, receiving, holding, converting, and saving in both the user’s home and resident country currencies.