Bonto Kenya, a Nairobi-based fintech remittance startup, has ceased operations just eight months after receiving its licence from the Central Bank of Kenya (CBK). After stopping processing transactions on August 15, 2025, the remittance and foreign exchange company requested licence revocation, the CBK announced last week.
This sudden shutdown highlights the tough market realities new fintech players face in Kenya’s competitive remittance sector.
Market pressures force Bonto’s exit
According to founder and CEO Yoann Copreaux on LinkedIn, Bonto closed due to falling foreign exchange profits, low or non-existent remittance fees, and escalating compliance costs.
He stated, “Forex margins collapsed (and) break-even scale became unrealistic.” These financial hurdles made it impossible for Bonto to sustain operations profitably.
Moreover, compliance requirements intensified, especially for Money Remittance Providers (MRPs), further straining the business.
The regulatory environment required robust adherence to rising standards, but it also added operational costs.
Copreaux said the lengthy CBK licensing process and monthly losses prevented him from selling the licence and engaging over 50 fintechs with five NDA bids. Unlike established MRPs with long-standing customer bases, Bonto struggled to get traction, calling it “trying to build in the desert.”
Regulatory approval did not guarantee survival
The Central Bank of Kenya officially revoked Bonto’s licence on September 11, 2025, under Regulation 44(2) of the Money Remittance Regulations, 2013.
The CBK Governor Kamau Thugge announced in a gazette notice, formalising the exit that Bonto had initiated after halting transactions the previous month.
The swift revocation marks an end to Bonto’s short journey, which began with promise but was abruptly halted by harsh market conditions.
Bonto’s exit underscores that merely securing regulatory approval cannot guarantee success in the Kenyan fintech remittance market. Due to competition from Western Union, MoneyGram, Sendwave, and Jumia Payment Services, only those with sustainable margins and strong client relationships succeed.
This shutdown also poses issues for fledgling fintechs operating in areas with thin remittance fee structures, foreign exchange spreads, and high operational overheads. Bonto’s experience shows the sector’s significant entry hurdles.