back Back

Multigate expands remittance operations in East Africa

By Delisha Fernandes

January 03, 2024

  • Central Bank of Kenya
  • Digital Solutions
  • East Africa

Multigate, Remittances Operations, digital solutions, financial institutions, Central Bank of Kenya, International Money Transfer, Non-Banking Financial Institutions, fintech news, fintech Kenya, East africaMultigate, 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.

Previous Article

January 03, 2024

NAB & Jarden Wealth launch wealth & asset management business in New Zealand

Read More
Next Article

January 03, 2024

Bank DBS Indonesia brings Visa Contactless debit card to secure transactions

Read More

IBSi Daily News Analysis

digital wallets

March 01, 2024

Central Bank of Kenya

Banking Sector and regulatory framework: addressing India’s growing demand for secure lockers

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

March 01, 2024

Hecto Financial eases cross-border transactions with new solution

Read More

March 01, 2024

Marqeta & AffiniPay team to launch SMB credit card solution

Read More

March 01, 2024 activates Cartes Bancaires on Tap to Pay on iPhone in France

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2023