LemFi receives regulatory approval to offer remittance services in Kenya in partnership with Wapi Pay
LemFi, the cross-border payment solution that enables the diaspora community to send and receive money back home has received approval from the Central Bank of Kenya (CBK) to operate remittances in Kenya.
The fintech, which entered the Kenyan market in June last year said in a statement that the approval continues its dedication to providing secure and efficient services while complying with the set regulatory framework by the CBK.
‘’It is a significant step in LemFi’s promise of seamless international payments to the over 500,000 Kenyans in the diaspora. ‘’ a statement from RightCard Payment Services Limited, trading as LemFi said.
LemFi is a mobile app that provides Kenyans in the Diaspora with a seamless and efficient way to send money back home.
Kenyans in the United Kingdom, the United States of America, and Canada can send money within minutes directly to M-PESA, Mobile Money, and Bank Accounts at the best exchange rates—all at zero transfer fees. The remitance services will be offered in partnership with Kenyan fintech Wapi Pay.
The LemFi app also provides a Kenya Shillings wallet setup which customers can open and fund their accounts via mobile money. Once they open the account, the customer can easily change their Kenya Shillings to other currencies like USD, GBP and CAD depending on their transactions.
When it first announced its entry into Kenya, LemFi Country Manager Kakea Mbacha said the services will not attract any fees as the fintech strives to ensure that Kenyans in the diaspora can send money home instantly, at the best rates.
“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 said.
Customers can download the app from the Apple AppStore or Google Play Store or by visiting www.lemfi.com.
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