The company obtains regulatory approval for remittances to Kenya
LONDON, Dec. 13, 2023 (GLOBE NEWSWIRE) — Multigate, a licensed treasury management technology company that delivers secure and innovative digital solutions to address the complex financial needs of corporates and financial institutions, has recently achieved another significant milestone in its expansion efforts by obtaining regulatory approval to partner with a Kenyan bank to facilitate remittances within the country. This achievement results from Multigate’s continued dedication to compliance and regulatory requirements and its commitment to providing secure and reliable remittance services in the region.
This latest acquisition of approval from an advanced African regulator is a testament to Multigate’s ongoing efforts to expand its presence and operations within the African continent after successfully securing similar licenses in Uganda, Nigeria, and Canada. This further solidifies the company’s position as a critical player in the African remittance and treasury management industry.
“As we continue to expand our operations in East Africa, we are excited to have been granted the regulatory approval for remittances into Kenya, a key market for our regional presence. This is a testament to our willingness and commitment to working with local regulatory authorities, and we express our gratitude to the Central Bank of Kenya for their enhanced due diligence and confidence in our organisation. Furthermore, the approval also follows our clearance by the Kenyan Asset Recovery Authority (ARA) in 2022, with all cases regarding our operations and Directors being dropped, effectively clearing the company of any allegations and confirming our good standing,” said Eghosa Nehikhare, CEO of Multigate.
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.
Additionally, Multigate became 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. These prove Multigate’s commitment to delivering innovative digital solutions governed by leading regulatory and security standards.
Multigate’s cross-border treasury solutions allow Banking Financial Institutions (BFIs) and Non-Banking Financial Institutions (NBFIs) to execute real-time international payments using local currencies.
According to data from the World Bank, remittance flows to the Sub-Saharan Africa region are projected to rise by 1.3 and 3.7 per cent in 2023 and 2024, respectively. Regional remittance growth in 2022 was primarily driven by solid remittance growth in six countries, including Kenya (8.5 per cent to $4.1 billion) and Uganda (17.3 per cent to $1.3 billion). Remittances to Nigeria, accounting for around 38 per cent of total remittance inflows to the region, increased by 3.3 per cent to $20.1 billion.
“As we navigate the implementation of the Africa Continental Free Trade Agreement (AfCFTA), 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 contribute to advancing Africa’s economy and enhancing African organisations’ regional and global trade by providing cross-border payment solutions to our valued clients and partners in Kenya, Uganda and Nigeria,” added Nehikhare.
Notes to Editors:
- Founded in 2017, Multigate is a licensed treasury management technology company that delivers innovative solutions to address complex financial needs for organisations trading in African markets.
- Our innovative digital solutions include:
- Cross-Border Payment Solution
- FX Conversion Solution
- Multi-Bank Connector Solution
- Automated Reconciliation Solution
- We operate in the United Kingdom, Canada, and Sub-Saharan Africa.
- Our vision is to advance Africa’s economy by enabling seamless and instant transactions for organisations in African markets trading regionally and globally.
- Visit https://www.multigate.io/ for further details.
Contact Details
- Sophie Masipa, [email protected]
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