LemFi is reportedly back in Ghana after it suspended operations. After two months of suspending its operations on the black coast, the company is reportedly back and has resumed its operations.
LemFi is Back in Ghana
RightCard Payment Services Limited, a subsidiary of Lemonade Technology Inc., has resumed operations in Ghana, following a brief suspension by the Bank of Ghana in November 2023 for operating without approval. This turnaround came after RightCard successfully obtained authorization from the national regulator, marking a significant step in the company’s efforts to regularize its operations within the legal framework of Ghana’s financial sector.
LemFi, originally founded in 2020 by Ridwan Olalere and Rian Cochran under the name Lemonade Finance, is designed to significantly enhance the financial lives of immigrants. The platform provides a versatile multi-currency account that enables users to send, receive, and hold funds in both their new country’s currency and that of their homeland. With the capacity to facilitate transactions to over 30 countries, LemFi positions itself as a pivotal service in the remittance industry, particularly for the diaspora community.
RightCard Partnership with ExpressPay and BigPay
Following the regulatory hiccup, RightCard has now aligned itself with two Ghanaian payment companies, ExpressPay and BigPay, to deliver its remittance services. The company’s commitment to adhering strictly to the Bank of Ghana’s regulations underscores its dedication to providing legitimate and secure financial services.
Significant Milestones for Lemonade Technology
This development comes on the heels of significant milestones for Lemonade Technology, including the acquisition of Rightcard Payment Services in the UK in 2021 and the rebranding of Lemonade Finance to LemFi in May 2023. Furthermore, LemFi revealed in August 2023 that it had secured $33 million in Series A funding, aimed at simplifying and improving the remittance process for immigrants, highlighting the company’s growth and potential within the fintech sector.
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