LemFi, a digital banking platform based in the United Kingdom catering to immigrants, has secured approval from the Central Bank of Kenya (CBK) to offer remittance services within the East African nation. This development marks a significant stride for the fintech, which entered the Kenyan market in June last year, as it aims to provide secure services within the regulatory framework set by the CBK.
The platform distinguishes itself by offering remittance services with no transfer fees, supporting multiple currencies, and enabling international money transfers without the necessity of a bank account. This feature empowers immigrants and individuals with global connections to seamlessly send and receive money.
In a statement released on Wednesday, LemFi expressed its commitment to fulfilling its promise of facilitating international payments for the over 500,000 Kenyans living abroad. Kenyan expatriates in the United Kingdom, the United States, and Canada can utilize the platform to send funds to M-PESA and bank accounts in Kenya within minutes.
Furthermore, the LemFi app now features a Kenya Shillings wallet, allowing clients to open and fund their accounts using mobile money services. Once the account is established, users can convert their Kenya Shillings into various currencies such as US dollars, British pounds, and Canadian dollars as per their transactional needs.
Kakea Mbacha, the country manager for LemFi, emphasized the company’s commitment to providing fee-free services to consumers. This initiative aims to facilitate swift and affordable money transfers for Kenyans living abroad, ensuring that they can support their families and maintain financial connections back home.
Mbacha elaborated on LemFi’s mission, stating, “When Africans leave their countries to work, study, or reside abroad, they maintain vital connections with their families, businesses, and friends back home. These connections rely on effective means of sending and receiving money and other essentials from home. LemFi exists to address these needs.”
The approval from the Central Bank of Kenya solidifies LemFi’s position as a key player in the remittance landscape, offering convenient and cost-effective solutions for Kenyans in the diaspora. As the company continues to expand its services, it is poised to contribute significantly to the financial inclusion and economic empowerment of Kenyan communities both at home and abroad.