NAIROBI, Kenya, Dec 15 – A licensed treasury management technology company, Multigate, has secured approval from the Central Bank of Kenya (CBK) to facilitate remittances to Kenya.
The financial technology firm says that it offers secure and innovative digital solutions for corporates and financial institutions.
“This paved the way for the successful application and granting of regulatory approval for remittances into Kenya, demonstrating Multigate’s willingness to work closely with local regulatory authorities to ensure that our operations align with local laws and regulations,” said Eghosa Nehikhare, CEO of Multigate.
“We are extremely delighted to expand our solutions to Kenya, a key market for our regional growth programme.”
Its approval in the country is part of the firm’s goal to expand its footprint in Africa and beyond.
Recently, it achieved this through the acquisition of a Money Remittance Business (MRB) license from the Bank of Uganda, an International Money Transfer Operator (IMTO) license from the Central Bank of Nigeria, and Multigate’s Money Services Business (MSB) registration with the Canadian FINTRAC.
According to data from the World Bank, remittances have become the most important foreign exchange earner in several countries.
For Kenya, remittances are more significant than the country’s key exports, including tourism, tea, coffee, and horticulture, which present immense opportunities for the country’s remittance sector.
“It is crucial to recognise the significant role that fintech-enabled trade applications can play in driving trade integration across the continent,” added Nehikhare.
“We are excited to further contribute to the advancement of Kenya’s economy and enhance East African organisations’ regional and global trade by providing a safe and secure cross-border payment solution to our valued clients and partners in Kenya.”
By Elly Junior
