By Delisha Fernandes
Today
- Central Bank of Kenya
- Digital Solutions
- East Africa
Multigate, a licensed treasury technology company, has received regulatory approval to partner with a Bank of Kenya to facilitate remittances within the country.
This latest acquisition of approval from an advanced African regulator is an achievement in Multigate’s ongoing efforts to expand its presence and operations on the African continent after securing similar licenses in Uganda, Nigeria and Canada.
“As we continue to expand our business in East Africa, we are delighted to have been granted regulatory approval for remittances in Kenya, a key market for our regional presence. This is a testament to our willingness and commitment to work with local regulatory authorities and we are grateful to the Central Bank of Kenya for their enhanced due diligence and confidence in our organization. In addition, the approval also follows our approval by the Kenya Asset Recovery Authority (ARA) in 2022, with all cases relating to our operations and directors being dropped, effectively clearing the company of any allegations and confirming the good our situation,” he said. Eghosa Nehikhare, CEO of Multigate.
Over the past year, the company has focused on growing its presence regionally and globally, while remaining committed to providing seamless and reliable remittance services to its customers and adhering to the highest standards of compliance and regulatory requirements. This was achieved through obtaining 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 registering Multigate’s Money Services Business (MSB) with Canada’s FINTRAC.
Multigate’s cross-border treasury solutions enable Bank Financial Institutions (BFIs) and Non-Banking Financial Institutions (NBFIs) to make real-time international payments using local currencies.
Previous article
NAB & Jarden Wealth launch wealth and asset management business in New Zealand
read more
Next article
DBS Bank Indonesia brings Visa Contactless debit card for secure transactions
read more
IBsi Daily News Analysis
December 29, 2023
Central Bank of Kenya
RBI publishes Annual Banking Report 2023, highlights trends and progress
read more
IBsi FinTech Journal
- The most trusted FinTech magazine since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions and rankings
- Global coverage
register now