Kenyan money remittance start-up Bonto Kenya has officially closed operations, less than three years after its launch and only eight months after obtaining a licence from the Central Bank of Kenya (CBK).
Founded in December 2022 by Cambridge and Harvard graduate Yoann Copreaux, the fintech cited unsustainable foreign exchange margins, minimal remittance fees, and rising compliance requirements as the key challenges that made its business model unviable.
“Breakeven scale became unrealistic, remittance fees were low to non-existent, and compliance requirements kept increasing,” Copreaux noted in a LinkedIn post.
The company had explored selling its CBK licence, reaching out to over 50 fintechs and receiving five offers. However, Copreaux explained that extended approval timelines and ongoing monthly losses made such deals impractical.
Bonto ceased processing transactions on August 15, 2025, and formally requested licence revocation. CBK Governor Kamau Thugge confirmed the move through a Kenya Gazette notice on September 16, 2025, stating that the revocation took effect on September 11.
The fintech did not disclose its investment history. Copreaux, who is also the founder and CEO of Jenga, a platform connecting African developers with global tech companies, described the closure as “emotionally tough” but the only rational option under the circumstances.
