Kenya’s Bonto shuts down six months after getting its CBK licence
- Bonto Kenya ceased operations on August 15 and requested the revocation of its license from the Central Bank of Kenya.
- The company received its Money Remittance Provider license in early 2025, aiming to enter a $5.7 billion market.
- Founder Yoann Copreaux cited collapsing FX margins and rising compliance costs as key reasons for the shutdown.
The closure of Bonto Kenya underscores the harsh realities faced by new fintech entrants in a market dominated by established players. It raises questions about the sustainability of business models in the remittance sector, especially as compliance costs rise and competition intensifies. Future discussions could focus on how startups can innovate or adapt to survive in such a challenging environment.
