The Central Bank of Kenya has officially revoked of a remittance provider's license through a gazette notice.
In a notice published on September 19, CBK also banned the provider from operating in the sector.
The move was taken by the bank acting pursuant to the country's financial legislation, specifically Regulation 44 (2) of the Money Remittance Regulations, 2013 which outlines the suspension and revocation of a money remittance operator's licence by the regulator.
“It is notified for the information of the general public that pursuant to Regulation 44 (2) of the Money Remittance Regulations, 2013, the Central Bank of Kenya has revoked the licence of the Money Remittance Provider (MRP),” part of the notice read.
On August 15, the remittance company had already ceased its transactions, stating that it was experiencing unsustainable market conditions.
In a statement, it informed customers that it was winding up its operations, subject to CBK approval.
“We would like to formally inform you that, after careful consideration, the Board of Directors of the company has made the difficult decision to cease our money remittance operations and surrender our license to the Central Bank of Kenya.”
“The company has stopped processing transactions since August 15, 2025, at 18:00 EAT. We will be winding down operations in Kenya in the coming month, subject to CBK approvals,” part of the statement by the company reads.
The company attributed the operational and compliance costs and stiff competition from banks and global fintechs' mobile money services.
The MRPs carry a major role in acquiring funds on behalf of the customers by transferring them internationally or domestically using CBK-approved agents.
They are accountable for all agency activities and are responsible for maintaining a strict standard of transparency, accountability, and regulatory compliance.
The remittance companies should enter into a formal agreement and submit it to the CBK so as to work with the bank.
