LemFi, a pioneering cross-border payment solution catering to the diaspora community, has officially received authorization from the Central Bank of Kenya (CBK) to facilitate remittances within Kenya. This fintech venture made its debut in the Kenyan market in June of the previous year and has articulated that this approval underscores its commitment to delivering secure and efficient services in full compliance with the regulatory standards established by the CBK.
“This approval marks a pivotal advancement in LemFi’s mission to provide smooth international payment services to the extensive Kenyan diaspora community,” stated a press release from RightCard Payment Services Limited, which operates under the LemFi brand.
Kenyans residing in the United Kingdom, the United States of America, and Canada are now empowered to send money back home swiftly, with transactions reaching recipients within minutes. This service, offered through the LemFi app, allows for direct transfers to M-PESA, mobile money, and bank accounts, boasting the most favorable exchange rates and eliminating transfer fees entirely.
Additionally, LemFi introduces an innovative feature with its Kenya Shillings wallet setup. Customers can effortlessly open and fund these accounts using mobile money. Upon setting up their account, users gain the flexibility to convert their Kenya Shillings into other major currencies such as USD, GBP, and CAD, catering to a wide range of transactional needs.
The app also features a Kenya Shillings wallet setup, allowing customers to open and fund their accounts through mobile money. This functionality enables users to easily convert their Kenya Shillings into major currencies like USD, GBP, and CAD, catering to diverse transactional needs.
LemFi’s entry into the Kenyan market was marked by a commitment to fee-free transactions, aiming to provide Kenyans in the diaspora with a cost-effective means of sending money home instantly and at favorable rates. LemFi Country Manager Kakea Mbacha highlighted the importance of maintaining connections with family, business, and friends back home for Africans living abroad, underscoring LemFi’s role in facilitating these vital links through seamless financial transactions.
The app is available for download on the Apple AppStore, Google Play Store, or through the LemFi website at www.lemfi.com.
In its operations within Kenya, LemFi has partnered with the fintech firm Wapi Pay, further enhancing its service delivery and operational efficiency in the country.
