dLocal, a leading cross-border payment processor, has finalized a partnership agreement with Kenyan Commercial Bank (KCB), marking a significant milestone in its expansion strategy. This partnership comes more than a year after dLocal secured payment service provider licenses from the Central Bank of Kenya (CBK).
With KCB Bank’s approval for money remittance flows, dLocal can now offer seamless money wire transfers through Kenya’s official banking system. This collaboration eliminates third-party involvement, ensuring transactions are cheaper, faster, and more reliable for dLocal clients, addressing the strong demand for such services.
Kenya, a key market for remittances, saw transfers hit a record $4B in 2023, equivalent to 3% of its GDP. The launch of dLocal’s remittance approval with KCB bodes well for its broader expansion across Africa, complementing its presence in Nigeria, Tanzania, South Africa, Rwanda, and other regions.
John O’Brien, dLocal CRO, expressed excitement about securing the license, noting Kenya’s influence as the fifth-largest inbound remittance market in Africa. This new approval provides Kenyan consumers with a fast, streamlined, and reliable payment option, paving the way for further growth in dLocal’s payout solutions.
Founded in 2016, dLocal aims to close the payments innovation gap between global enterprise companies and customers in emerging economies. The company is committed to Africa, responding to the strong demand for reliable and secure digital payment solutions across the continent.
Through its “One dLocal” concept, the company connects global enterprise merchants with billions of high-growth market consumers across Africa, Asia, and Latin America. This expansion into Kenya underscores the country’s untapped potential as a hub for financial and technological growth.
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