Bonto Kenya, a licensed money remittance provider, has ceased operations less than three years after launching, making it one of the fastest fintech closures in Kenya recently. The startup officially returned its license to the Central Bank of Kenya (CBK) in August 2023.

• The decision was driven by collapsing FX margins, low remittance fees, a tight compliance environment, and significant advantages for established players, according to founder Yoann Copreaux.
• Bonto attempted to sell its license, receiving five offers, but none were viable due to CBK approval timelines and operational costs.
• The exit highlights the challenges in Kenya's remittance market, characterized by high competition, low margins, and resource-intensive compliance processes, suggesting better opportunities in credit, embedded finance, or SME-focused verticals for new players.