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Payment solution fintech, LemFi launches diaspora remittance services in Kenya

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Cross-border payment solution platform, LemFi has launched its diaspora remittance services in Kenya in a bid to enable citizens send and receive money back home.

The fintech which formally launched its services in the east African country on Friday, said it entered the Kenyan market through a partnership with PesaSwap, a local online and mobile payment solutions company based in Nairobi and the United Kingdom.

The company said it hoped to get a share of the diaspora remittance market which currently stood at Sh44.1 billion ($320.3 million) in April, according to data from the Central Bank of Kenya.

LemFi Country Manager, Kakea Mbacha said the app provided a Kenya Shillings wallet setup with which customers could open and fund their accounts via mobile money.

“Using the LemFi app, customers in the United Kingdom, United States and Canada who remain the largest source of remittances to Kenya, can send funds directly into a bank and mobile money accounts at zero fees,” he said.

“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. Our services will not attract any fees as we strive to ensure that Kenyans in the diaspora can send money home instantly, at the best rates. This is the brand’s promise,” Mbacha said.

The LemFi app also supports the use of multiple currencies through various wallets that customers can open and deposit money in different accounts, he explained.

“Once open, the customer can easily change their Kenya Shillings to other currencies like USD, GBP & CAD depending on their transactions.

“LemFi says it’s targeting over 500,000 Kenyans living outside the country, with the United States, United Kingdom and Canada being among the most popular destinations.”

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ADB signs $15m transaction guarantee facility with Zimbabwe’s NMB Bank

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The African Development Bank (ADB) has signed a $15 million Trade Finance Transaction Guarantee Facility with Zimbabwe’s NMB Bank aimed at unlocking trade finance opportunities for small and medium-sized enterprises, as well as agri-business and trade distribution value chains in the country.

At the signing ceremony held at the NMB Bank Headquarters in Harare, ADB Country Manager for Zimbabwe, Moono Mupotola, signed on behalf of the Bank while NMB Bank Chief Executive Officer, Gerald Gore, signed on behalf of the bank.

Speaking shortly after the brief ceremony, Mupotola said the African Development Bank’s board had earlier approved the project in November 2023, with the facility offering up to 100% coverage to confirming banks, effectively mitigating non-payment risks linked to NMB Bank’s trade transactions on a per-transaction basis.

“It is tailored to support trade between Zimbabwe and other African countries and with overseas markets by significantly diminishing the risk for international financial institutions actively engaging in trade finance activities with Zimbabwean businesses,” Mupotola said.

“The African Development Bank is committed to supporting the development of the private sector in Zimbabwe. This is a significant step forward in supporting the growth and competitiveness of Zimbabwean businesses.

“By mitigating risk and facilitating access to trade finance, we are empowering SMEs and local corporates to participate more actively in regional and international trade,” she said.

Also speaking, Gore emphasized the agreement’s importance for Zimbabwe’s economic development.

“This facility will be instrumental in enabling NMB to provide crucial trade finance support to a wider range of Zimbabwean businesses. This will not only unlock new trade opportunities but also contribute to job creation and economic growth.

“SMEs often face challenges in accessing trade finance compared to their larger counterparts. This initiative directly addresses this gap, fostering a more vibrant and inclusive business environment in Zimbabwe,” Gore said.

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Ghana’s communications regulator predicts subsea cable repairs could take five weeks

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According to Ghana’s communications regulator, it will likely take at least five weeks to fully restore service relying on the damaged subsea cables causing internet outages throughout West and Central Africa.

Many businesses that are connected to the internet and telecommunications, such as banks, phone companies, money transfer services, and stock exchange markets, have been severely disrupted as a result of the cable break.

Equinix, a data centre operator, reported on Friday that a “external incident” caused a cut to its cable system in the Atlantic Ocean, off the coast of West Africa, near Cote D’Ivoire. It excluded human activity as the reason.

 

The four subsea cable landing service providers—Africa Coast to Europe (ACE), MainOne, which is owned by data centre operator Equinix (EQIX.O), opens new tab, South Atlantic 3 (SAT-3) and the West Africa Cable System (WACS)—as well as mobile network operators were present at the meeting, according to Ghana’s National Communications Authority.

“The cable landing service providers have indicated an estimated time frame of a minimum of five weeks for full service restoration from the time the vessels are dispatched to the various locations,” the regulator said.

It stated that the service providers had determined the general location of the damage and were getting ready to send out repair ships.

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