Photo credit: Fame Photography, Zambia
On the back of successfully acquiring business remittance licenses in Uganda, Nigeria and Canada, Multigate has recently achieved another significant milestone in its expansion efforts by obtaining regulatory approval in Kenya to facilitate remittances to the country. Multigate is a licensed treasury management technology company that delivers secure and innovative digital solutions to address the complex financial needs of corporates and financial institutions.
The achievement is a result of 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 a remittance approval in Kenya proves Multigate’s ongoing efforts to expand its geographical coverage across the East African Community.
[ad]
“In 2022, Multigate announced that the Kenyan Asset Recovery Authority (ARA) withdrew all cases on our operations and Directors, exonerating the business of all allegations and giving us a clean bill of health. This paved the way for the successful application and granting of regulatory approval for remittances into Kenya, demonstrating Multigate’s willingness to work closely with local regulatory authorities, such as the Central Bank of Kenya, to ensure that our operations align with local laws and regulations. We are extremely delighted to expand our operations in Kenya, a key market for our regional growth programme.” 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.
Also, Multigate’s willingness to invest in the quality of service, ensuring our products are reliable saw us become 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 show Multigate’s commitment to delivering innovative digital solutions governed by leading regulatory and security standards.
According to data from the World Bank, remittances have become the most important foreign exchange earner in several countries. For Kenya, remittances are more significant than the country’s key exports, including tourism, tea, coffee, and horticulture, which presents immense opportunities for the country’s remittance sector.
[ad]
“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 further contribute to the advancement of Kenya’s economy and enhance East African organisations’ regional and global trade by providing a safe and secure cross-border payment solution to our valued clients and partners in Kenya,” added Nehikhare.
[ad]
ABOUT MULTIGATE:
- 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, sophie@multigate.io