LenFi, which parent company is RightCard Payment Service Limited, has received approval (Licence) from the Central Bank of Kenya (CBK) to operate remittance services in the country. The launch of LemFI Remittance in Kenya is part of RightCard's mission to offering secure and efficient cross-border payment services to over 500,000 Kenyans living abroad.
The Central Bank of Kenya (CBK)'s Remittance Licence will allow LemFI to prioritize directing its resources and efforts towards delivering secure and efficient payment services, all while also maintaining compliance with the CBK's regulatory framework. Furthermore, LemFI is partnering with Wapi Pay to make the remittance services come to live.
LemFI in Kenya
LemFi, formerly Lemonade Finance, is a financial technology (fintech) app offering digital banking remittance and financial services to Africans in the diaspora. In other words, LemFI is a mobile app that allows seamless and efficient way to send money back home. With LemFI, you can manage your money, make payments, track expenses, and access other financial products such as loans and investment opportunities.
LemFI dived into Kenyan market in 2023, promising Kenyans that there would be no charges for fintech services, emphasizing the company's primary objective of facilitating instant money transfers for citizens living abroad to send funds back home.
However, this recently received License will now allow Kenyan's living in the United Kingdom (UK), the United States of America (USA), and Canada to swiftly send money to M-PESA, Mobile Money, and Bank Accounts with top-tier exchange rates using LemFI, all without incurring any transfer fees, ensuring a seamless transaction experience.
The LemFi app offers a Kenya Shillings wallet feature, enabling you to deposit money directly into your accounts using mobile money and then open accounts. Subsequently, you can also effortlessly convert your Kenya Shillings into various foreign currencies, including US dollars (USD), British pounds (GBP), and Canadian dollars (CAD), based on your transactions.
How to use LemFI in Kenya
You can use LemFI in Kenya to receive money from UK, US, Canada and other African countries where LemFI operates in like Nigeria and Ghana. If you're living abroad and you which to send money to your loved ones in Kenya, you can send it directly to their M-Pesa Account, MoMo Account like Airtel MoMO and Bank Account.
Using LemFI Remittance to send money to Kenya incurs for absolutely no fee. You can check out how much is LemFI in Kenya through the fintech website's rate calculator.
Additionally, you will soon be receiving money from South Asian countries like Pakistan, China and India in Kenya. LemFI, in partnership with VISA, is targeting global expansion to China, India and Pakistan.
Furthermore, LemFI can also be used in Kenya to hold and exchange money in different currencies such as USD, GBP, EUR, NGN, KSH e.t.c. Additionally, peer-to-peer (P2P) transfers are made simple with LemFi app. This means you can send money worldwide as easy as using your LemFi tag.
LemFI to M-Pesa
LemFi is a good option for transferring money to M-Pesa in Kenya. LemFI offers zero transfer fee for sending money to M-Pesa Account. In addition, money arrives in minutes in a secure and convenient way.
However, to check LemFI exchange rates today, kindly visit their rate calculator page to easily convert how much it will $100 will be in Kenyan Shillings.
How do I contact LemFI
There are three ways to contact LemFi:
- Email: You can contact LemFI in Kenya via Email. This is their primary method of contact them. Kindly send an email to LemFI at support@lemfi.com.
- Submit a Ticket/Request: You can submit a request directly on their website under the contact-us page. They have a 24/7 hands on desk customer service who will response to you on time.
- Phone Calls: LemFi also has dedicated phone lines in the United States, Canada and the United Kingdom. "Want to talk to us on the phone? You can contact us through our dedicated phone channels in the United States (+1 7025054976), the United Kingdom (+44 2045795921) and Canada (+1 4375001260)," said LemFI.
In conclusion, LemFi Remittance is a recently approved (April 3, 2024) remittance service for Kenyans living abroad, particularly in the US, Canada and UK. It offers a secure and convenient way to send money directly to M-Pesa wallets in Kenya, with the key advantage being zero transfer fees and fast transfer times. If you're looking for a way to send money home to Kenya, LemFi is definitely worth considering.