Fintech firm LemFi expands diaspora remittance services to Kenya
LemFi, the cross-border payment solution that enables the diaspora community to send and receive money back home, announced it has formally launched its services in Kenya.
The company has entered the market through a partnership with PesaSwap, a local online and mobile payment solutions company based in Nairobi and the United Kingdom. LemFi hopes 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.
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. The app also supports the use of multiple currencies through various wallets that customers can open and deposit money in different accounts.
Kakea Mbacha, Country Manager, LemFi: “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.”
The LemFi app also provides a Kenya Shillings wallet setup which customers can open and fund their accounts via mobile money. 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.
Chris Munyasya, CEO, PesaSwap: “Diaspora remittances have grown tremendously in the last financial year with 50% of the money being sent by women.We need to empower our people to access money transfer services at affordable rates so that they can keep the cash flowing back home.”