Kenyans Pay Price for Central Bank’s Hard Line on Fintech
- Kenya has some of the highest fees for remittances globally
- Regulator says measures needed to fight money laundering
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After Nigerian fintech Korapay’s account in Kenya was frozen in July on suspicion of money laundering, investigators found only a single transaction, and that was for funds needed to apply for a local license.
It took three months to unblock the account, and Korapay is still waiting for a license to operate in the country, according to Chief Executive Officer Dickson Nsofor.