LemFi, a cross-border payment solution that enables the diaspora community to send and receive money back home today launched its services in Kenya. The company promises to revolutionize the international money transfer market with innovative solutions at zero fees.
For the longest time, LemFi operated within the Canada and Nigerian corridor, then opened their platform to customers in the United Kingdom and United States. Kenya becomes their noise making market for East Africa, and the organization is targeting over 500,000 Kenyans living outside the country.
Using the LemFi application, customers can send funds directly into banks and mobile money accounts within two minutes at zero fees. The app also supports the use of multiple currencies through various wallets that customers can open and deposit money in different accounts.
Kenya Shillings Wallet
Through a Kenya Shillings wallet, customers can fund it via mobile money. The easily change their Kenya Shillings to other currencies like USD, GBP and CAD depending on the transactions.
“Africans maintain family, business and friendship connections back home when they leave their countries to work, study or live abroad. These connections are often maintained through communication and support. This reason that LemFi exists.” Said Kakea Mbacha, Country Manager, LemFi during the launch.
Protecting User Data Through KYC Engineering
LemFi attack their own systems to detect vulnerabilities in order to protect last mile users. Ayoola Salako, Marketing Lead refers this to a KYC Engineering procedure. This involves the use of various technologies and tools to gather and analyze customer information, verify identities, and detect any suspicious or fraudulent activities.
KYC systems typically collect a wide range of customer information, such as personal details, identification documents, proof of address, and financial statements. KYC engineering involves designing data collection forms and workflows to ensure the efficient and accurate gathering of this information.
These systems also assess the risk associated with each customer or business relationship based on factors such as their financial transactions, reputation, and jurisdiction. According to Ayoola, KYC engineering has helped the organization in designing risk assessment models and algorithms to determine the level of risk associated with different customers.
Masking User Data for Privacy
Pesa Swap, a local online and mobile payment solution works with LemFi to send money globally. They not only remit cash transactions but also sends technology back home and incorporates financial participation like investment opportunities for their customers.
Since data protection is key, Pesa Swap helps LemFi mask user data that goes through a payment processor to protect their privacy and any cyber-attacks. This is not only an ethical data practice but Pesa Swap protects customers against identity theft exploited by cybercriminals to commit fraud, or other malicious activities.
“Our partnership with LemFi empowers our people to access money transfer services at very affordable and unnoticeable rates to keep the cash flowing back home,” said Chris Munyasya, Pesa Swap CEO. Having strong data privacy practices helps us mitigate risks and safeguard individuals’ sensitive information.