LemFi suspends all services to Ghana

LemFi, an international money transfer service, announced that it has suspended its services to Ghana. This is in reaction to the recent suspension of several international money transfer companies from sending remittances into the country by the country’s Central Bank.

The Bank of Ghana asserted that LemFi and other companies were operating without the necessary license or authorization to function as electronic money issuers or payment service providers in Ghana.

According to LemFi’s statement on the startup’s page,

“Important: Suspension of all services to Ghana. 

“Hello Everyone. We regret to inform you that we are suspending all services to Ghana. As a result, you will be unable to send money to banks and mobile money in Ghana.  

“We recognise that this change will bring about some inconvenience, and we sincerely apologise. We are appreciative of your business and your support. If anything changes in the future, you will be the first to know. If you need assistance, have any questions, or require further clarification, please reach out to us.” 

Founded in 2020 by Ridwan Olalere and Rian Cochran, LemFi emerged with a mission to dismantle these barriers and empower the next generation of immigrants.

In August 2023, the Nigerian remittance startup successfully raised $33 million in its Series A funding round, with the lead investor being Left Lane Capital.