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.”