Regulator reportedly approves LemFi for remittance services in Kenya. RightCard Payment Services Limited, trading as LemFi, has exciting news to share. They’ve just received approval from the Central Bank of Kenya (CBK) to operate remittance services in Kenya.
LemFi Remittance Services in Kenya
LemFi, formerly known as Lemonade Finance, has achieved a significant milestone in its mission to facilitate international payments for Kenyans living abroad. Recently, the Central Bank of Kenya (CBK) granted LemFi approval to operate remittance services in Kenya, marking a major step forward for the company.
Since it entered the Kenyan market in June 2023, LemFi has been committed to providing seamless remittance services to over 500,000 Kenyans in the diaspora. Now, with the CBK’s approval, LemFi is poised to collaborate with fintech firm Wapi Pay to launch remittance services in Kenya.
With this license, LemFi can focus on delivering secure and efficient remittance solutions while complying with the regulatory framework set by the CBK.
What You Can Do With LemFi’s Mobile App
LemFi’s mobile app allows Kenyans living abroad, particularly in the UK, US, and Canada, to send money back home to Kenya quickly and conveniently. Users can transfer funds to recipients in Kenya through various financial institutions. And this is including M-PESA, mobile money wallets, and bank accounts, without incurring any fees.
Additionally, the LemFi app offers a Kenya Shillings wallet feature. This very feature enables users to deposit funds using mobile money and open accounts easily. Users can then exchange their Kenyan Shillings for other foreign currencies like US dollars (USD), British pounds (GBP), and Canadian dollars (CAD) based on their transaction needs.
LemFi’s Commitment to Providing Fee-Free Fintech Services to Kenyans Abroad
Since its inception in the Kenyan market, LemFi has been committed to providing fee-free fintech services to Kenyans abroad.
Kakea Mbacha, LemFi’s Country Manager, has reassured Kenyans that the company’s primary objective is to facilitate instant money transfers from overseas to Kenya. And thereby helping citizens support their families and communities back home.
“When Africans leave their countries to work, study, or live abroad, they still maintain family, business, and friendship connections back home. These connections are often maintained through communication and the need for effective ways to send and receive items and money from home. It is for this reason that LemFi exists.” she further added.
LemFi as an International Money Transfer Operator
LemFi got the green light from the Central Bank of Nigeria to operate as an International Money Transfer Operator. This means LemFi can team up directly with banks to offer its services and handle money transfers into Nigeria according to the rules.
LemFi is Back in Ghana
After a temporary halt in operations, LemFi got back in action in Ghana in February 2024. This came after the Bank of Ghana had temporarily shut it down, saying it was not operating within the law.
LemFi’s Deal with Visa’s Cross-Border Solutions Unit
In March 2024, LemFi struck a new deal with Visa’s Cross-Border Solutions unit. This deal aims to help LemFi spread its wings into new places like China, India, and Pakistan. Around the same time, LemFi brought Allen Qu on board. He used to be the Chief Operating Officer at Opay. Now, Allen Qu is leading LemFi’s push into China.
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