Multigate, a licenced treasury management technology company, has Wednesday announced that it has obtained regulatory approval to facilitate remittances to Kenya.
This latest acquisition of a remittance approval in Kenya is as a result of ongoing efforts to expand its presence and operations within the East African region, following the successful acquisition of a similar license in Uganda and the company’s presence in Nigeria and Canada.
Over the past year, the company has focused on developing its presence regionally and beyond while remaining committed to delivering seamless and reliable remittance services to its customers and adhering to the highest compliance and regulatory requirements standards.
This was achieved through the acquisition of a Money Remittance Business (MRB) license by 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.
Furthermore, Multigate’s willingness to invest in the quality of service, ensuring our products are reliable has seen them become the first Pan-African-based technology company to be certified as a SWIFT Lite2 Business Application Provider (L2BA), with ISO 20000, 22301, and 27001 certifications.
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. 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,” says Multigate CEO Eghosa Nehikhare.
Multigate delivers secure and innovative digital solutions to address the complex financial needs of corporates and financial institutions.
