from MARIA MACHARIA in Nairobi, Kenya
Kenya Bureau
NAIROBI, (CAJ News) – AUTHORITIES have granted Multigate a license to facilitate remittances within Kenya.
This is another boost for the treasury management technology company’s efforts to expand its presence and operations within the African continent, after successfully securing similar licenses in Nigeria and Uganda.
Eghosa Nehikhare, Chief Executive Officer of Multigate, said “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.”
The executive expressed gratitude to the Central Bank of Kenya (CBK) for the approval.
The World Bank projects remittance flows to the Sub-Saharan Africa region to rise by 1,3 and 3,7 percent in 2023 and 2024 respectively.
Remittance growth in 2022 was primarily driven by solid remittance growth in six countries, including Kenya (8,5 percent to US$4,1 billion) and Uganda (17,3 percent to $1,3 billion).
Remittances to Africa’s largest economy and most populous country, Nigeria, accounted for around 38 percent of total remittance inflows to Africa. They increased by 3,3 percent to $20,1 billion.
Nehikhare said as stakeholders navigate the implementation of the Africa Continental Free Trade Agreement (AfCFTA), it is crucial to recognise the significant role that finance technology-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.”
Multigate operates in Canada, Sub-Saharan Africa and the United Kingdom.
– CAJ News