Central Bank of Kenya Grants Authorization for LemFi Remittance Services in Kenya
In a significant move for the remittance market, RightCard Payment Service Limited, trading as LemFi, has received additional approval from the Central Bank of Kenya (CBK) to operate its remittance services in Kenya. This regulatory nod enables the leading international payment services startup to strengthen its presence in the Kenyan remittance market.
LemFi, an international payment services startup, offers low-cost, reliable, and competitive international payment services targeting diaspora communities primarily in the United States, Canada, the United Kingdom, and Europe. With this approval, LemFi enhances its ability to facilitate money transfers from these regions directly into Kenya, catering to a significant segment of the Kenyan diaspora.
The partnership with Choice Microfinance Bank and local payments company PesaSwap supports locally relevant and alternative payment methods, including mobile money transfers. This partnership ensures that LemFi's services are tailored to meet the needs of the Kenyan market.
In addition, LemFi has introduced a Kenyan Shillings wallet setup within its app, allowing customers to send funds that can be converted between Kenyan Shillings and other currencies such as USD, GBP, and CAD. The company aims to provide its remittance services without any fees, ensuring that Kenyans in the diaspora can send money home instantly and at the best exchange rates.
Since its founding in 2020, LemFi has grown rapidly, now supporting over 2 million customers globally. In January 2025, the company secured $53 million in Series B funding, bringing its total funding to over $86 million. This capital allows LemFi to expand its footprint and improve its service offerings in key African markets like Kenya.
The additional CBK approval marks a regulatory milestone, enabling LemFi to comply fully with Kenyan regulations and expand remittance service offerings more robustly. This expansion is part of LemFi’s broader strategy to serve Africa’s growing diaspora remittance corridors with innovative, low-cost financial services.
The funding round involved some leading investors, including Highland Europe, LeftLane Capital, Endeavour Capital, and Y Combinator. LemFi's dedication to providing services while complying with the set regulatory frameworks, as demonstrated by its partnership with the CBK, continues to set it apart in the competitive international remittance market.
LemFi, with its new regulatory approval from the Central Bank of Kenya, can now cater to the diaspora communities' needs in the health sector by enabling the instant transfer of funds from the US, Canada, UK, and Europe, which can be invested in various industries like business or finance, promoting economic growth in Kenya. The partnership with Choice Microfinance Bank and local payments company PesaSwap ensures that LemFi's services align with the Kenyan market's preferences, including health, business, and finance, while also offering low-cost and reliable international remittance services. The capital received from its Series B funding, contributed by investors like Highland Europe, LeftLane Capital, Endeavour Capital, and Y Combinator, will aid LemFi in expanding its services in the Kenyan remittance industry, aiming to support the growth of other sectors like health, business, and finance.
