CBK Revokes License of Kenyan Money Remittance Provider
The Central Bank of Kenya (CBK) has cancelled the license of a local money remittance provider. The move was announced in a gazette notice on September 19.
According to the notice, this is in accordance with Regulation 44 (2) of the Money Remittance Regulations, 2013 which allows the CBK to suspend or cancel the license of a money remittance operator who breaches financial laws.
“It is notified for the information of the public that pursuant to Regulation 44 (2) of the Money Remittance Regulations, 2013 the Central Bank of Kenya has cancelled the licence of the Money Remittance Provider (MRP),” part of the statement read.
The remittance company had stopped processing transactions on August 15 citing unsustainable market conditions. At the time the company told customers it was winding down operations in Kenya subject to CBK approval.
“We would like to formally inform you that, after careful consideration, the Board of Directors has made the difficult decision to cease our money remittance operations and surrender our licence to the Central Bank of Kenya,” the company said. “We stopped processing transactions on August 15, 2025 at 18:00 EAT and will be winding down operations in the coming month subject to CBK approvals.”
The company attributed the decision to rising operational and compliance costs and stiff competition from banks and global fintech mobile money services.
Money remittance providers play a crucial role in facilitating domestic and international fund transfers through CBK approved agents. They are required to maintain high standards of transparency, accountability and regulatory compliance.
CBK regulations require remittance companies to formalize agreements with the central bank to ensure proper oversight and adherence to industry standards.
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CBK Revokes License of Kenyan Money Remittance Provider