CBK Revokes Licence as Bonto Kenya Shuts Down After Just 8 Months
The Central Bank of Kenya (CBK) has officially shut down Bonto Kenya Money Transfer Limited. The fintech’s short stint in the remittance market is over.
According to Gazette Notice No. 13377, CBK Governor Kamau Thugge confirmed that the revocation took effect on September 11, 2025, under Regulation 44(2) of the Money Remittance Regulations, 2013.
Bonto was founded in 2023 and got its CBK licence just eight months ago but shut down on August 15 citing unsustainable market conditions. The company’s founder and CEO, Yoann Copreaux, later announced they had requested CBK to revoke the licence which has now been formalized.
“It’s official – Bonto Kenya is shutting down. Less than eight months after we got our licence, we handed it back,” Copreaux wrote in a LinkedIn post. “We stopped processing transactions on August 15, requested licence revocation soon after and CBK made it official last week.”
Bonto positioned itself as a disruptor in the money transfer industry, offering competitive foreign exchange rates, near-zero remittance fees and a digital-first platform for individuals and small businesses.
But Copreaux admitted the business faced insurmountable challenges including collapsing foreign exchange margins, surging compliance requirements and stiff competition from established players like M-Pesa and Western Union.
“Margins collapsed, compliance costs rose and with remittance fees so low, we couldn’t break even,” he said, noting that the closure was “the only rational decision”.
In his farewell message, Copreaux thanked clients, partners and the Bonto team – Claire, Melvin, Kennedy, Faith and the Jenga developers – and hinted at opportunities for industry players to acquire Bonto’s CBK approved office space and Canadian MSB licence.
Bonto’s closure is a sign of the challenges fintech startups face in Kenya’s competitive remittance market where regulatory hurdles and established giants dominate.
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CBK Revokes Licence as Bonto Kenya Shuts Down After Just 8 Months