Bonto Kenya Money Transfer Limited has ceased operations less than eight months after obtaining its license, with the Central Bank of Kenya (CBK) officially revoking the company’s permit under the Money Remittance Regulations, 2013.
Yoann Copreaux, the company’s co-founder and chief executive, confirmed the closure in a LinkedIn post, saying the decision was “emotionally tough but rational by a wide margin.”
“Less than eight months after receiving our license, we handed it back,” Mr Copreaux said. “We stopped processing transactions on August 15th, requested license revocation soon after, and CBK made it official last week.”
He cited several challenges that made the business unsustainable:
FX margins collapsed, making it impossible to reach breakeven scale.
Remittance fees fell to low or near-zero levels, eroding revenue.
Compliance requirements increased, with money remittance providers (MRPs) facing stricter oversight than other fintech players.
Customer acquisition hurdles, as established MRPs could rely on legacy clients while Bonto Kenya was “trying to build in the desert.”
In a notice published in the Kenya Gazette on 16 September 2025, CBK confirmed the revocation of Bonto Kenya’s license with effect from 11 September. The regulator acted under Regulation 44 (2), which allows the withdrawal of authorization for money remittance providers.
The announcement brings to an end Bonto Kenya’s short-lived attempt to establish itself in the highly competitive money transfer business. The fintech had received its license in early 2025 but halted operations by mid-August after failing to meet profitability targets.
The startup explored alternatives to closure, including selling its CBK license. According to Mr Copreaux, Bonto Kenya reached out to more than 50 fintech companies, signed non-disclosure agreements, and received five offers.
However, none of the proposals were viable once CBK approval timelines and ongoing monthly losses were factored in. “None made sense,” he said, noting that the costs of waiting for regulatory clearance outweighed any potential benefits.
Despite the setback, Mr Copreaux expressed gratitude to Bonto’s clients, partners, and staff. He praised the company’s small team, including Claire, Melvin, Kennedy, Faith, and the Jenga developers calling them “incredible talent” and encouraging other employers to hire them.
He also acknowledged his wife for supporting him through what he described as “another rollercoaster.”
As for his next steps, Mr Copreaux said the priority was to wind down operations properly. He also hinted at new opportunities, including offering CBK-approved office space or leveraging a Canadian Money Services Business (MSB) license.
“My team wisely said: ‘Yoann, once it’s done, you need to take a break.’ They’re right. Time to reset,” he wrote.
Bonto Kenya’s collapse highlights the difficulties of breaking into Kenya’s lucrative but tightly regulated remittance sector. The industry has long been dominated by established players such as Western Union, MoneyGram, and mobile money giant M-PESA.
For new entrants, thin profit margins, stiff compliance obligations, and entrenched competition make it difficult to scale operations. The failure of Bonto Kenya is a reminder that innovation alone may not be enough to succeed without sufficient capital buffers and client networks.
Kenya remains one of Africa’s largest recipients of remittances, with inflows exceeding $5 billion in 2024, according to CBK data. The diaspora continues to play a crucial role in supporting households, contributing to foreign exchange reserves, and sustaining economic growth.
However, the cost of sending money to Africa remains among the highest globally, according to the World Bank. Many fintech have tried to disrupt the market by offering lower-cost, faster alternatives. Yet as Bonto Kenya’s case shows, sustaining such a model is easier said than done.
Mr Copreaux said the experience offered hard but valuable lessons about “timing, resilience, and markets.” He added: “We fail forward. The learnings are real and I’ll carry them into whatever comes next.”
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