CBK Approves LemFi Operations in Kenyan Market

RightCard Payment Services Limited, operating under the brand name LemFi, has entered into Kenyan to enable Kenyans to send cash from abroad.

The recent approval by the Central Bank of Kenya (CBK) for LemFi to operate remittances into Kenya marks a milestone in the company’s commitment to providing secure, efficient, and regulatory-compliant services.

The approval by CBK confirms RightCard’s adherence to stringent financial standards and its dedication to anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations.

Over 500,000 Kenyans to Benefit from LemFi

This move is set to bolster the confidence of the over 500,000 Kenyans living abroad, ensuring that their hard-earned money reaches home safely and promptly.

LemFi’s mobile application stands out in the crowded fintech space by offering zero transfer fees, a feature that is nearly unheard of in the international remittance industry.

This bold initiative is poised to disrupt the traditional remittance model, which often sees customers paying hefty fees for cross-border transactions.

Also Read: CBK Rejects Ksh.37 Billion From Investors After Bond Sale

The firm will use the best exchange rates and eliminate transfer costs to foster the financial empowerment of the diaspora community.

Where Kenyans Abroad Will Use the Platform

The app’s user-friendly interface allows Kenyans in the United Kingdom, the United States of America, and Canada to send money within minutes directly to M-PESA, Mobile Money, and Bank Accounts.

This seamless transaction process caters to the need for instant financial solutions in today’s fast-paced world.

As LemFi continues to expand its services, it remains focused on its mission to simplify international payments while maintaining the highest standards of service delivery.

The company’s vision aligns with the broader goals of financial inclusion and the global agenda of reducing remittance costs, as outlined in the United Nations Sustainable Development Goals.

CBK Turns Down Ksh.37 Billion From Investors After Bond Sale
Section view of the Central Bank of Kenya along Haile Selassie Avenue Nairobi
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Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

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