The rising cost of meeting stricter anti-money laundering (AML) compliance standards has claimed another casualty in Kenya’s digital asset sector, with stablecoin payments provider HuruPay ending its USD banking services for customers in the country.
HuruPay, a Kenya-founded platform that helps freelancers, remote workers and businesses receive international payments, informed users that it would no longer support USD banking services for Kenyan customers.
“We would like to inform you that HuruPay no longer supports USD banking services for customers in Kenya,” the company said in an email to users.
“As a result, any payment sent to your SSB bank account will be rejected and automatically refunded to the sender.”
The move removes a key payment channel for Kenyan freelancers and businesses that rely on overseas clients, forcing users to explore alternative methods for receiving international payments.
HuruPay did not publicly provide detailed reasons for the decision. However, the withdrawal comes amid increased compliance scrutiny facing financial technology companies operating in Kenya and other emerging markets.
Kenya was placed on the Financial Action Task Force (FATF) grey list in February 2024 over weaknesses in its anti-money laundering and counter-terrorism financing framework. The concerns included gaps in virtual asset oversight, beneficial ownership transparency and the prosecution of financial crimes.
The designation has contributed to heightened scrutiny from international financial institutions and compliance partners, particularly for businesses handling cross-border payments and digital assets.
HuruPay’s withdrawal follows wider frustrations among some Kenyan users of international payment platforms, including complaints about account restrictions and increased verification requirements linked to identity, employment and residential information.
Despite ending USD banking services in Kenya, HuruPay remains active in other African markets, including South Africa, Senegal, Cameroon, Malawi, Zambia, Seychelles, Rwanda, Tanzania, Uganda, Ghana and Egypt.
The platform enables freelancers and remote workers to receive international payments through virtual US, UK and European bank accounts. It converts received funds into USDC stablecoins, allowing users to protect against local currency depreciation while accessing faster settlements and withdrawals through local banks, M-Pesa and cryptocurrency exchanges.
HuruPay was founded by Kenyan entrepreneurs including CEO Philip Mburu, Allan Okoth and James Mugambi.
The company grew by targeting Africa’s expanding freelancer economy, offering an alternative for workers and businesses facing high international transfer costs and payment delays.
According to figures provided by HuruPay, the platform attracted more than 1,500 users after launching in Kenya, Ghana and Nigeria, and had processed over $50 million in payment volume since January 2025.
HuruPay’s exit highlights the growing pressure that global compliance requirements are placing on fintech companies operating in emerging markets.
For thousands of Kenyan freelancers, remote workers and businesses dependent on cross-border payments, the decision reduces the number of available options for receiving international income.
