Money remittance providers (MRPs) in Kenya facilitate cross-border money transfers, enabling the diaspora to send funds home, businesses to pay international suppliers, and individuals to support family abroad. With Kenya receiving USD 4.2 billion in diaspora remittances in 2024, MRPs play a pivotal role in channeling these funds securely and efficiently. The Central Bank of Kenya (CBK) regulates MRPs under the Central Bank of Kenya Act and the Money Remittance Regulations, 2013, ensuring compliance with anti-money laundering (AML) standards, transparency, and consumer protection.
The Role of the Central Bank of Kenya in Regulating MRPs
The CBK oversees MRPs to ensure a stable, secure, and competitive remittance market. Introduced under the Money Remittance Regulations, 2013, MRPs are licensed to provide cross-border transfer services, complementing banks and mobile money platforms like M-Pesa. The CBK’s oversight ensures consumer protection, prevents illicit financial flows, and promotes financial inclusion.
Key CBK Regulations for MRPs
- Licensing Requirements: MRPs must maintain a minimum core capital of USD 50,000 and a non-interest-bearing deposit of USD 20,000 with the CBK.
- AML/CFT Compliance: Providers must verify customer identities for transactions above USD 10,000 to combat money laundering and terrorism financing.
- Transparency: MRPs must disclose fees, exchange rates, and expected delivery times clearly.
- Annual License Renewal: Providers submit audited financials, tax compliance certificates, and a Ksh 20,000 fee annually.
- Operational Standards: MRPs must use secure systems, maintain records for seven years, and report suspicious transactions to the Financial Reporting Centre (FRC).
The CBK’s directory, available at www.centralbank.go.ke, is a vital tool for verifying licensed MRPs, protecting consumers from unregulated operators.
Complete List of Licensed Money Remittance Providers in Kenya (May 2025)
Below is the full list of the 29 licensed MRPs in Kenya, as per the CBK’s May 2025 directory. The list includes the provider’s name, location, contact details, and licensing date, organized for easy reference.
| No. | Name | Location | Contact Details | Licensing Date |
|---|---|---|---|---|
| 1 | Afrisend Money Transfer Limited | Stellato Mall, Muthithi Road, Westlands, Nairobi | Tel: 0111050640, info@afrisend.com | February 10, 2022 |
| 2 | Airtel Money Transfer Limited | Parkside Towers, Mombasa Road, Nairobi | Tel: 0734110000, corporatecommunications@ke.airtel.com | July 6, 2017 |
| 3 | Amal Express Money Transfer Limited | Amal Plaza, 1st Avenue, Eastleigh, Nairobi | Tel: 0722878597, info@amalexpress.co.ke | June 3, 2014 |
| 4 | Amana Money Transfer Ltd | Amana Shopping Complex, Eastleigh, Nairobi | Tel: 6761296, amanamnytransfer@gmail.com | November 6, 2014 |
| 5 | Bakaal Express Money Transfer Ltd | Amco Shopping Mall, Eastleigh, Nairobi | Tel: 2394513, nbiinfo@bakaal.com | November 25, 2015 |
| 6 | Bonto Kenya Money Transfer Ltd | Senteu Plaza, Kilimani, Nairobi | Tel: 0708693916, yoann@bonto.africa | January 31, 2025 |
| 7 | Cashia Money Remittance Limited | Empress Office Suites, Parklands, Nairobi | Tel: 011777777, info@cashia.com | September 30, 2024 |
| 8 | Dahabshill Money Transfer Limited | 20th Century Building, Standard Street, Nairobi | Tel: 2222728, ken.dmtc@dahabshiil.com | November 19, 2013 |
| 9 | Fesaki Money Transfer Ltd | Adlife Plaza, Kilimani, Nairobi | Tel: 0742202040, info@fesakiforex.com | April 16, 2025 |
| 10 | Flex Money Transfer Limited | The Green House, Ngong Road, Nairobi | Tel: 020-3861100, info@flex-money.com | February 5, 2015 |
| 11 | Gala Money Transfer Limited | 20th Century Plaza, Mama Ngina Street, Nairobi | Tel: +254717729772, galaforexbureau@gmail.com | July 12, 2023 |
| 12 | Hodan Global Money Remittance Ltd | Ecobank Towers, Kaunda Street, Nairobi | Tel: 4400090, info@hodanglobal.net | January 1, 2015 |
| 13 | Iftin Express Money Transfer Limited | Portal Place, Muindi Mbingu Street, Nairobi | Tel: 2629818, iftinforex@gmail.com | July 10, 2014 |
| 14 | Juba Express Money Transfer Limited | Hamilton House, Kaunda Street, Nairobi | Tel: 2240540, info@jubaexpress.co.ke | July 10, 2014 |
| 15 | Junction Forex and Money Remittance | Junction Mall, Ngong Road, Nairobi | Tel: 3861268, info@junctionforex.co.ke | October 5, 2023 |
| 16 | Kaah Express Money Transfer Limited | Kaah Building, Eastleigh, Nairobi | Tel: 0206767494, kaahexpress.kenya@gmail.com | October 22, 2014 |
| 17 | Laeken Money Transfer Ltd | Lana Plaza, Oloitoktok Road, Kilimani, Nairobi | Tel: 0723993187, laekenmoneyt@gmail.com | August 29, 2024 |
| 18 | Terrapay Money Transfer Services Ltd | Park Place Business Centre, Parklands, Nairobi | Tel: 0763276464, contactus@terrapay.com | March 12, 2017 |
| 19 | Mukuru Money Transfer Ltd | 9 West, Ring Road, Parklands, Nairobi | Tel: +254709427500, potlako@mukuru.com | March 29, 2019 |
| 20 | Orisend Money Transfer Limited | GTC Building, Westlands, Nairobi | Tel: 0700934412, wang.yang@orisend.com | March 17, 2025 |
| 21 | Real Value Money Transfer Ltd | Sakina Building, Eastleigh, Nairobi | Tel: 0721 462002, realvaluemtransfer@gmail.com | January 5, 2016 |
| 22 | Remitcore Money Transfer Ltd | Covo Square, Othaya Road, Lavington, Nairobi | Tel: 0759222333, info@remitcore.money | December 14, 2023 |
| 23 | Safaricom Money Transfer Services Ltd | Safaricom House, Waiyaki Way, Westlands, Nairobi | Tel: 20 427 3272, ceo@safaricom.co.ke | December 3, 2014 |
| 24 | Sunny Forex and Remittance Ltd | Valley Arcade Mall, Gitanga Road, Nairobi | Tel: 0722360800, sunnyforex@gmail.com | November 17, 2023 |
| 25 | Surfin Money Remittance Limited | Maralal Oasis Building, Argwings Kodhek Road, Nairobi | Tel: 0706823434, info@surfintransfer.com | January 29, 2024 |
| 26 | Taaj Money Transfer Limited | Shariff Centre, Eastleigh, Nairobi | Tel: 020-2321972, globalfrx@gmail.com | October 2, 2015 |
| 27 | Tawakal Money Transfer Limited | City House, Standard Street, Nairobi | Tel: 6766171, info@tawakalmoneytransfer.com | January 1, 2015 |
| 28 | Upesi Money Transfer Ltd | Morningside Office Park, Ngong Road, Nairobi | Tel: 0709656000, info@upesi.co.ke | January 5, 2016 |
| 29 | Wapi Money Transfer Limited | Broadwalk Residency, Ojijo Road, Parklands, Nairobi | Tel: +254711158256, endichu@wapicapital.com | January 11, 2023 |
Source: Central Bank of Kenya, May 2025 Directory of Licensed Money Remittance Providers
Geographic Distribution and Key Trends
The 29 licensed MRPs are primarily concentrated in Nairobi, with a significant presence in Eastleigh, Westlands, Kilimani, and the CBD, reflecting the city’s role as Kenya’s financial hub. Key observations:
- Nairobi (29 MRPs): All providers are based in Nairobi, with clusters in Eastleigh (e.g., Amal Express, Bakaal Express), Westlands (e.g., Afrisend, Safaricom), and Kilimani (e.g., Bonto, Fesaki).
- Eastleigh Hub: Eastleigh hosts several MRPs like Amal Express and Taaj, serving the Somali diaspora and regional trade with Somalia and the Middle East.
- Digital and Mobile Integration: Providers like Safaricom and Airtel leverage mobile money platforms, while others like Mukuru and Terrapay offer online portals.
Emerging Trends
- Recent Licenses: Three new MRPs were licensed in 2024–2025: Cashia Money Remittance (September 2024), Bonto Kenya Money Transfer (January 2025), and Fesaki Money Transfer (April 2025), indicating growing demand.
- Digital Transformation: Providers like Mukuru and Terrapay integrate digital platforms, offering online transfers and mobile apps.
- Diaspora Focus: MRPs like Dahabshill and Juba Express cater to the Somali and East African diaspora, facilitating remittances from North America, Europe, and the Middle East.
- Mobile Money Synergy: Safaricom and Airtel leverage M-Pesa and Airtel Money for seamless domestic and international transfers.
- Regulatory Strengthening: Stricter AML/CFT compliance ensures secure transactions, with providers adopting advanced verification systems.
How to Choose a Licensed Money Remittance Provider
With 29 licensed MRPs, selecting the right provider requires careful evaluation. Here are key factors to consider:
- CBK Licensing: Verify the provider’s license using the CBK directory to avoid unregulated operators.
- Fees and Rates: Compare transfer fees and exchange rates, as they vary across providers.
- Speed of Transfer: Check delivery times, especially for urgent transfers (e.g., same-day vs. 1–3 days).
- Accessibility: Choose providers with convenient locations or digital platforms for online transfers.
- Currency and Destination: Ensure the provider supports the recipient’s country and currency.
- Reputation: Read online reviews or seek recommendations for reliability and customer service.
Safe Remittance Tips
- Request Receipts: Obtain a transaction receipt with details of fees, rates, and tracking numbers.
- Verify Recipient Details: Double-check recipient names and bank/mobile details to avoid errors.
- Avoid Unlicensed Operators: Unregulated providers may offer lower fees but risk fraud or delays.
- Comply with AML Requirements: Provide identification for transactions above USD 10,000.
- Track Transfers: Use tracking numbers to monitor the status of your remittance.
Role of MRPs in Kenya’s Economy
MRPs are vital to Kenya’s economy, contributing in the following ways:
- Diaspora Remittances: In 2024, Kenya received USD 4.2 billion in remittances, supporting household incomes and economic stability.
- Trade Facilitation: MRPs enable businesses to pay international suppliers, boosting trade with regions like the Middle East and Asia.
- Financial Inclusion: Providers in Eastleigh and digital platforms like Mukuru serve underserved communities, enhancing access to financial services.
- Job Creation: The sector employs hundreds in customer service, compliance, and technology roles.
Challenges Facing MRPs
Despite their importance, MRPs face several challenges:
- Competition from Mobile Money: Platforms like M-Pesa dominate domestic transfers, challenging MRPs’ market share.
- Regulatory Costs: Compliance with AML/CFT and CBK capital requirements increases operational costs.
- Exchange Rate Volatility: Global currency fluctuations impact remittance values.
- Fraud Risks: Providers invest in secure systems to combat phishing and identity theft.
Step-by-Step Guide to Sending Money via an MRP
- Research Providers: Check the CBK directory for licensed MRPs.
- Compare Fees and Rates: Contact multiple providers or check their websites for cost estimates.
- Prepare Documentation: Carry a passport or national ID for large transactions.
- Provide Recipient Details: Ensure accurate recipient information (name, bank/mobile number, country).
- Confirm Fees and Rates: Verify the total cost and exchange rate before proceeding.
- Track the Transfer: Use the provided tracking number to monitor delivery.
- Secure Receipts: Keep transaction records for reference.
Kenya’s 29 licensed money remittance providers, regulated by the CBK, offer secure and efficient cross-border transfer services, supporting the diaspora, businesses, and individuals. From established players like Safaricom Money Transfer Services (2014) to new entrants like Bonto Kenya Money Transfer (2025), these providers drive economic growth through remittances, trade, and financial inclusion. By choosing a licensed MRP, comparing fees, and following safe transfer practices, you can ensure reliable and cost-effective remittances. For the latest updates, refer to the CBK’s directory at www.centralbank.go.ke.
