Money Transfer Provider Bonto Exits Kenya As CBK Formally Revokes Its Licence

The Central Bank of Kenya (CBK) has officially revoked the license of money remittance provider (MRP) Bonto Kenya Money Transfer Limited (BKMTL), formalising the company’s recent exit from the country’s competitive remittance market. The move follows Bonto’s own decision to cease operations, a winding-down process that concluded this month after the firm cited difficult market conditions.

In a gazette notice dated September 16, 2025, the CBK confirmed the revocation of Bonto’s license, citing Regulation 44(2) of the Money Remittance Regulations, 2013. The revocation was effective as of September 11, 2025. The company had previously informed its customers that it would stop processing transactions as of August 15, 2025, pending regulatory approval to surrender its license.

Bonto’s statement to its customers described the decision as a difficult one, indicating that the company’s Board of Directors had chosen to “cease our money remittance operations and surrender our license to the Central Bank of Kenya.” In a statement issued via LinkedIn, Bonto’s founder Yoann Copreaux gave a detailed list of reasons for the closure.

“(Forex) margins collapsed (and) break-even scale became unrealistic,” he said. “Remittance fees were low to non-existent. Compliance requirements kept increasing, (so) MRPs were more constrained than others,” he added.

He also explained that the startup had explored various options, such as selling their licence. “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,” he said.

While Bonto’s exact launch date and detailed history are not widely documented, its presence in the market was a testament to the growing digital remittance space in Kenya. While ambitious in its plan to establish its presence, it faced stiff competition from more established MRPs such as Western Union, MoneyGram and Dahabshill, as well as newer entrants like Cashia, Jumia Payment Services, Sendwave, and Paykit.

Featured Image Courtesy: The Economist