LemFi, a cross-border payment solution primarily serving the diaspora community, has recently received approval from the Central Bank of Kenya (CBK) to commence its remittance services within the country. This pivotal achievement not only marks a major milestone for LemFi since its launch in the Kenyan market back in June 2023 but also introduces a promising shift towards more accessible and affordable money transfer options for Kenyans living abroad.
LemFi’s has a mobile application where customers complete instantaneous, fee-free money transfers from Kenyans residing in the United Kingdom, United States, and Canada directly to M-PESA, mobile money wallets, and bank accounts in Kenya. This platform offers a Kenya Shillings wallet feature, enabling users to easily engage in currency exchange by funding their accounts through mobile money services. This aspect of LemFi’s service is particularly noteworthy for its commitment to providing competitive exchange rates and eliminating traditional transfer fees, thereby positioning itself as a cost-effective alternative for the diaspora community.
The collaboration with Kenyan fintech Wapi Pay underscores LemFi’s strategic efforts to enhance its presence and operational efficiency within the country. The partnership with Pesa Swap, a Nairobi and UK-based online and mobile payment solutions provider, has been instrumental in ensuring LemFi’s smooth operation within Kenya. This collaboration, alongside LemFi’s commitment to fee-free services, demonstrates a concerted effort to make remittance services more affordable and accessible, thus enabling Kenyans in the diaspora to contribute significantly to the economic welfare of their families and communities back home.
A crucial element of LemFi’s value proposition is the provision of a Kenya Shillings wallet, which simplifies the process of currency conversion for users, further enhancing the app’s utility. Targeting over 500,000 Kenyans living overseas, LemFi has consistently strived to deliver a seamless and instantaneous money transfer experience, underscored by competitive forex rates.
The impact of diaspora remittances on Kenya’s economy cannot be understated, with a notable increase in remittances, particularly from women, highlighting the growing importance of offering affordable and reliable money transfer services. LemFi’s initiative to gather user feedback through engagements like the Jamhuri Day Eve celebration with the Stoke UK Diaspora SACCO reveals a customer-centric approach, aimed at refining and enhancing the platform to better serve the needs of its users.
The appointment of popular comedian Blessed Njugush as LemFi’s brand ambassador is a strategic move to amplify the brand’s visibility and connect more intimately with the Kenyan diaspora. Njugush’s involvement in promotional campaigns is poised to further elevate LemFi’s profile and appeal within this community.
