The Central Bank of Kenya (CBK) has formally revoked the license of Bonto Kenya Money Transfer Limited (BKMTL), marking the official exit of the money remittance provider from Kenya’s competitive financial services landscape.
The revocation, effective September 11, 2025, was published in a gazette notice dated September 16, citing Regulation 44(2) of the Money Remittance Regulations, 2013. It follows Bonto’s own decision to wind down operations, a process that concluded this month after the company cited unsustainable market conditions.
“After careful consideration, the Board of Directors… has made the difficult decision to cease our money remittance operations and surrender our license to the Central Bank of Kenya,” Bonto said in a customer notice.
The firm had earlier announced it would stop processing transactions as of August 15, 2025, pending CBK approval.
Founder Cites Forex Pressure, Compliance Burden
In a candid LinkedIn statement, Bonto founder Yoann Copreaux outlined the structural challenges that led to the closure:
“(Forex) margins collapsed (and) break-even scale became unrealistic,” he wrote.
“Remittance fees were low to non-existent. Compliance requirements kept increasing, (so) MRPs were more constrained than others.”
Copreaux also revealed that Bonto had explored selling its license:
“We reached out to 50+ fintechs, signed NDAs, got five offers. None made sense once you factor in CBK approval timelines and the monthly losses until transfer.”
Consolidation and Competitive Pressures
Bonto’s exit underscores the mounting pressure on niche money remittance providers (MRPs) in Kenya, where dominant players like M-PESA, global fintechs, and traditional banks continue to consolidate market share.
Despite Kenya receiving $5.77 billion in remittance inflows in 2024, smaller MRPs face rising compliance costs, shrinking margins, and limited scale.
