Fintech Curbs Emerge in Kenya as FATF Keeps Country on Grey-List

Among the affected services cited by BitKE is HuruPay, a stablecoin service provider described as having roots and a presence in Kenya. The outlet reported that HuruPay informed users it would no longer support USD banking services for customers in Kenya, meaning payments sent to affected SSB bank accounts would be rejected and automatically refunded to the sender.

BitKE also referenced a screenshot shared by users indicating that Wise, a widely used cross-border payments provider, notified a customer that their account had been restricted and would be closed within two months. According to the reported notice, the reason given was activity that ran against the provider's customer agreement.

The coverage further noted that these developments follow earlier online complaints about PayPal restricting access for Kenyan account holders. The source did not provide additional detail confirming the scope or resolution of those earlier PayPal complaints.

Why It Matters for the Corridor

Stablecoins and cross-border transfer services have become important tools for remittances, freelancing income and trade payments across Africa, often connecting users to counterparts in Europe and elsewhere. Any tightening by compliant operators could affect how individuals and small businesses in Kenya move funds internationally.

The reported actions underline the practical consequences that a grey-list designation can have on access to financial rails, even when specific companies act independently to manage compliance risk. As of the source reporting, the situation was described as emerging, with details drawn largely from user-shared communications and screenshots rather than formal company statements. Readers should treat the reported restrictions as developing, and the full extent of any service changes remained unconfirmed in the available coverage.