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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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Radisson Group targets 25 hotels in Morocco by 2030

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The Radisson Hotel Group says it has set a goal of setting up 25 hotels in Morocco, which will expand its current portfolio of 11 hotels in operation to 36 by 2030.

Erwan Garnier, Senior Director, Development, Africa at Radisson Hotel Group, who disclosed this in a statement, saidMorocco continues to be a crucial market for the group’s development, while also accelerating its expansion in the country which is part of its vision of redefining the group’s expansion strategy for the country.

“I am delighted to lead our expansion efforts in Morocco and take them to new heights. Leveraging our success in the country thus far, our expansion strategy will concentrate on targeting the major cities in Morocco,” Garnier said.

“Our focus will be on strengthening our presence in Casablanca and Marrakech, where we currently operate the conveniently located Radisson Blu Hotel, Casablanca City Center and the highly acclaimed Radisson Blu Hotel, Marrakech Carré Eden.

“Additionally, we plan to establish our presence in the key cities of Rabat, Tangier, Agadir, and Fez.

“In light of Radisson Hotel Group’s strategic 5-year plan and the 2030 FIFA World Cup in Morocco, we have identified significant potential within these cities to establish a diverse portfolio consisting of ideally located business hotels, efficient serviced apartments, premium mixed-use projects, and expanding our portfolio of exceptional resorts.

“The introduction of the Radisson brand with the imminent opening of the Radisson Hotel Casablanca Gauthier La Citadelle in the vibrant Gauthier district of Casablanca, marks a notable development.

“This new establishment will be the flagship of the Radisson brand in Morocco, marking the entry of a new brand for the group in the country and underlining our commitment to quality and diversified expansion,” he added.

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AgriTech4Egypt Innovation Challenge opens applications for tech-prenuers

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The 2024 edition of the AgriTech4Egypt Innovation Challenge has called for applications from tech-prenuers and purpose-driven scientists working on agri-tech solutions for a more sustainable, efficient, and climate-resilient agricultural system in Egypt.

A notice on the website of the organizers of the programme on Tuesday said the programme is designed to give participants an edge in validating and deploying agri-tech venture in Egypt

“We are looking for purpose-driven scientists and entrepreneurs working on agri-tech solutions for a more sustainable, efficient, and climate-resilient agricultural system in Egypt,” the notice said.

It added that the AgriTech4Egypt Innovation Challenge is designed specifically for early-stage agri-tech ventures in the north African country with a “minimum viable product (MVP) or proof of concept (POC), and plans to support and prepare them to build a solid go-to-market strategy through technical validation and access to the market.”

“We are looking for agri-tech innovations in priority areas such as digital agriculture and precision farming, agri-finance solutions, sustainable value chain development, capacity building tools, and efficient irrigation water management,” it said.

“Selected ventures will receive the tools and step-by-step support to build the foundations of an agri-tech venture for scalable growth in Egypt, benefitting from a fully funded, four-day immersive bootcamp, connecting with a network of partners and agribusinesses, accessing expert guidance from CGIAR scientists and industry experts, plus a sponsored six-month acceleration programme.

“They will also be able to test and validate their solution on the ground with end-users for up to six months, receive up to EGP300,000 (US$6,500) as an equity-free grant provided by ASRT, and gain exposure to investors and market opportunities.

“Applications are open until April 21, with the accelerator programme taking place between June and October, and a demo day set for November,” it added.

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