Kenyan Remittance Startup Bonto Shuts Down Two Years After Launch

Nairobi-based remittance fintech Bonto Kenya has shut down operations just two years after launch and less than eight months after receiving regulatory approval from the Central Bank of Kenya (CBK).

The startup, founded by Yoann Copreaux, officially ceased processing transactions on August 15 and subsequently requested that the CBK revoke its money transfer licence. The regulator confirmed the revocation in a public notice issued last week.

“It is notified for the information of the general public that pursuant to Regulation 44 (2) of the Money Remittance Regulations 2013, the Central Bank of Kenya has revoked the licence of Bonto Kenya Money Transfer Limited,” CBK Governor Kamau Thugge stated.

Bonto’s closure highlights the challenges fintechs face in Kenya’s highly competitive remittance market. Despite securing a licence, the company struggled against shrinking foreign exchange margins, declining remittance fees, and escalating compliance costs—factors that have made profitability elusive for new entrants.

In a statement shared on LinkedIn, Copreaux admitted that the business model became unsustainable.

“FX margins collapsed, breakeven scale became unrealistic,” he noted, adding that unlike established money remittance providers (MRPs) with long-standing client bases, Bonto was “trying to build in the desert.”

The startup explored the possibility of selling its licence, reaching out to more than 50 fintechs and receiving five offers. However, regulatory approval timelines combined with ongoing monthly losses made the deals unfeasible.

Copreaux described the decision to shut down as “emotionally tough but the only rational path.” The Bonto team is now in the process of winding down operations, with Copreaux hinting at a potential reset before venturing into new opportunities.