Introducing LemFi: The Cross-Border Payment Solution Enabling the Diaspora Community to Send and Receive Money in Kenya
LemFi, a cutting-edge cross-border payment solution, has officially launched its services in Kenya. In collaboration with Pesa Swap, a local online and mobile payment solutions company based in Nairobi and the United Kingdom, LemFi aims to tap into the lucrative diaspora remittance market. Recent data from the Central Bank of Kenya reveals that the market reached an impressive sum of Sh44.1 billion ($320.3 million) in April.
By leveraging the power of the LemFi app, customers residing in the United Kingdom, United States, and Canada—the largest sources of remittances to Kenya—can now transfer funds directly into bank and mobile money accounts, completely free of charge. The app also boasts multiple currency support, providing customers with the ability to open various wallets and deposit money into different accounts.
Notably, the LemFi app offers a dedicated Kenya Shillings wallet, allowing customers to effortlessly open and fund their accounts through mobile money services. Once established, users can conveniently convert their Kenya Shillings to other currencies such as USD, GBP, and CAD, depending on their specific transactions.
LemFi has set its sights on capturing a significant share of the diaspora market, particularly among the 500,000 Kenyans residing abroad. The United States, United Kingdom, and Canada stand as the most popular destinations for the Kenyan diaspora community.
During the launch event held in Nairobi, LemFi's Country Manager, Kakea Mbacha, emphasized the importance of maintaining connections with home for Africans living overseas. Mbacha stated, "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. LemFi exists to fulfill this purpose."
Furthermore, Mbacha highlighted that LemFi's services come with no transaction fees, ensuring that Kenyans in the diaspora can instantly send money home at the best possible rates. This commitment forms the foundation of the LemFi brand's promise.
Chris Munyasya, CEO of Pesa Swap, acknowledged the remarkable growth of diaspora remittances in the past financial year, with 50% of the funds being sent by women. Munyasya emphasized the importance of empowering individuals to access affordable money transfer services, ensuring a consistent flow of funds to support their loved ones back home.
The launch event also witnessed the appointment of renowned comedian Blessed Njugush as the brand ambassador for LemFi. Njugush will collaborate closely with LemFi to promote the company's services and products among the Kenyan diaspora. Additionally, he will lend his voice to LemFi's marketing campaigns and initiatives, further bolstering the brand's reach and impact.