Multigate expands remittance operations in East Africa
By Delisha Fernandes
Multigate, a licensed treasury management technology company, has obtained regulatory approval to partner with a Kenyan bank to facilitate remittances within the country.
This latest acquisition of approval from an advanced African regulator is an achievement to Multigate’s ongoing efforts to expand its presence and operations within the African continent after securing similar licenses in Uganda, Nigeria, and Canada.
“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.
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.
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