LemFi, the pan-African fintech company that processes transactions across over 12 African countries with Nigeria and Ghana inclusive, has ceased operations in Ghana due to warnings from Ghana’s Central bank over unlicensed operations.
The company is reported to be one of the eight remittance companies without license, Ghana’s Central Bank said. And it has issued warnings to the public against transacting with these aforementioned companies.
LemFi has informed its customers of this new development in a statement saying “LemFi users will be unable to send money to banks and mobile money in Ghana”.
The country’s Foreign Exchange Acts restricts companies and individuals without license from operating and performing in the forex market.
The secretary of Ghana’s Central Bank, Sandra Thompson said in a statement that all banks in the country should no longer transact with unlicensed operators “Approved MTOs are hereby reminded to terminate their foreign exchange flows through their institutions only to adhere strictly to all guidelines in respect of their operations” she said.
LemFi which was formerly called Lemonade Finance is a Nigerian Co-Founded startup. Earlier this year, It announced its procurement of $33 million Series A funding. It also offers its users in the US, UK and Canada seamless transfers to Ghana.