LemFi, a Fintech Company, Widens its Reach in Kenya with Expanded Diaspora Remittance Services
LemFi, a cross-border payment solution, has officially launched its services in Kenya through a strategic partnership with Pesa Swap, a local online and mobile payment solutions company based in Nairobi and the United Kingdom.
The company aims to tap into the lucrative diaspora remittance market, which reached approximately Sh44.1 billion ($320.3 million) in April, as reported by the Central Bank of Kenya.
Through the LemFi app, customers from the United Kingdom, United States, and Canada, who are the primary sources of remittances to Kenya, can send money directly to the bank and mobile money accounts at no additional fees. The app supports multiple currencies, allowing customers to open and deposit funds into different wallets.
The LemFi app offers a Kenya Shillings wallet, enabling customers to fund their accounts through mobile money and easily convert their funds to other currencies such as USD, GBP, and CAD, depending on their needs.
LemFi aims to serve over 500,000 Kenyans living abroad, with the United States, United Kingdom, and Canada ranking among the most popular destinations.
During the launch event in Nairobi, LemFi Country Manager, Kakea Mbacha, expressed the company’s enthusiasm for expanding its services in Kenya and empowering the diaspora community.
“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,” Kakea added.
Pesa Swap CEO Chris Munyasya observed that 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,” he added.
The event also featured the announcement of comedian Blessed Njugush as LemFi brand ambassador. Njugush will be working closely with LemFi to promote the company’s services and products amongst the Kenyans in the diaspora and also lend his voice to LemFi’s marketing campaigns and initiatives.
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