LemFi, an African money transfer network, and Pesa Swap, a local startup that lets people make online and mobile payments, have collaborated to strengthen this vital source of revenue. Kenya has always received lots of foreign aid, putting Egypt and Nigeria in a tight contest.
Kenyans abroad can easily transfer money home.
Ridwan Olalere and Rian Cochran founded LemFi, formerly Lemonade Finance, in 2020 to offer Africans a borderless money app.
This alliance targets Kenyans in the US, UK, Canada, and other nations. Whether working, studying, or living abroad, these people stay in touch with family, friends, and enterprises.
LemFi understands the necessity of good communication and sending and receiving money and goods from home.
LemFi’s Kenyan shilling wallets and mobile money funding are essential features. Customers can change their local currency to the US dollar, British pound, or Canadian dollar for their transactions. LemFi helps Kenyans in the diaspora maximise their remittances by providing fee-free services.
Read also: Nigeria’s Lemonade Finance rebrands as LemFi
Kenya’s Benefits from LemFi’s Entry
The majority of diaspora transfers came from women, according to Pesa Swap CEO Chris Munyasya. Kenyan women must help their families and communities. LemFi and Pesa Swap enable safe, fast cross-border money transfers for these people. Economic growth will stabilise.
LemFi’s and Pesa Swap’s relationship comes as remittances become increasingly important to Kenya’s economy.
The Central Bank of Kenya reported that diaspora remittances rose 8.34 percent to $4.027 billion in 2022, closing in on exports, which brought in $5.77 billion. These figures show that remittances boost Kenya’s economy.
Finally, Kenyans abroad and their relatives at home are excited about LemFi and Pesa Swap’s fee-free services, attractive exchange rates, and user-centric approach. This partnership could strengthen economic ties with the diaspora and increase national prosperity as technology crosses borders and remittance volumes rise.
Mastercard, NAPS to drive innovation across Morocco’s digital payments landscape
About PesaSwap and LemFi
PesaSwap is an online and mobile transfer company with offices in Nairobi, Kenya, and London, United Kingdom. Pesaswap is based in Nairobi and offers online and mobile payment options that are tailored to each client’s needs. We have a tool that was built with one main goal in mind: to make online and mobile payments easier and help businesses grow. After doing a lot of studying and learning about the problems that businesses face every day with transactions, the company was started in 2014. Vision: To be the best cash solutions company in the world by 2040. Mission To help sellers and their customers do business in a safe way
LemFi is licenced as an electronic money institution with the Financial Conduct Authority in the United Kingdom under the name RightCard Payment Services. The Financial Transactions and Report Analysis Centre in Canada has also recognised it as a money service business.
“At first, we were called Lemonade Finance. “As our app became more popular, it spread to more countries, and we became the most important link between families and loved ones who lived far apart,” says Ridwan Olalere, the CEO and Co-Founder.
As the organisation developed and changed, it required a name that better fit its purpose and highlighted its community’s individuality. The company’s name was changed after much discussion with the staff and community to better reflect the purpose of making sending money home easier.
LemFi means “no borders, no barriers, and no BS.” The new name emphasizes that the organization wants to be simple, quick, and straightforward to use and make business transactions easier for clients.