Kendy, a pan-African money service provider that has been operating in Kenya since 2014, has lost its trading licence, setting stage for the firms closure.
Central Bank of Kenya (CBK) governor Patrick Njoroge in a gazette notice dated April 9, 2020 said Kendy Money Transfer Ltd’s licence was revoked on February 14, 2020.
It was not immediately clear why the CBK withdrew the licence.
The firm enables customers to send money and make payments in Africa and abroad.
“It is notified for information of the general public that in exercise of the powers conferred by paragraph 44 (2) (b) of the Money Remittance Regulations, 2013, the CBK has revoked the licence of — Kendy Money Transfer Ltd with effect from February 14, 2020,” read part of the notice released on Friday.
Kendy opened shop in Kenya in September 2014.
The firm also operates in Guinea-Bissau, Benin, Togo, Senegal, Ivory Coast, Niger, Mauritania, Ghana and Gambia, Uganda, Tanzania, Ethiopia and Mali.
The revocation comes at a time the firm had plans to partner with licensed financial institutions such as banks, forex bureaus and mobile cash agents to grow its footprint in Kenya.