Afrigather Lemfi, the remittance startup that raised $33 million in a Collection A round in August, has suspended its operations in Ghana one week after the nation’s Central Financial institution stated it was working with out regulatory approval.
“LemFi customers can be unable to ship cash to banks and cell cash in Ghana,” stated LemfFi in a discover to its prospects. Lemfi is one of eight remittance companies
working with out regulatory approval, Ghana’s Central financial institution stated, warning the general public towards utilizing the named suppliers.
Ghana’s Overseas Trade Act permits the regulator to tremendous corporations working with out approval and even prescribes the opportunity of imprisonment.
Whereas it’s unclear when Lemfi launched in Ghana, it named Efia Odo, an actress and influencer, as model ambassador in January 2023. The corporate additionally employed a rustic supervisor and ramped up its advertising and marketing in Ghana.
One supply with data of the corporate’s enterprise stated the corporate will interact Ghanaian regulators, very similar to it did in Nigeria earlier than it obtained an Worldwide Cash Switch Licence(IMTO).
