Equity Direct, a ten second international money transfer service from UK to Equity Bank customers in Kenya is the Bank’s new move to reap from diaspora remittances and increase its customer base.Equity Direct has a focus on the UK market, one of the key remittance corridors for Kenya and Equity Group says it has invested heavily to create infrastructure for diaspora remittances, and banking and transaction processing by connecting to all global payment systems.With a control of 16% of all Diaspora remittances, Equity Direct is a move to democratize money remittance by enabling cheap and instant money transfer direct into the beneficiaries account. Equity Direct connects through UK’s VFX’s digital payment gateway which enables instant credits in customers accounts in Equity Bank. The system will make it possible for Kenyans in the Diaspora to open and manage Equity Bank diaspora accounts from the UK. Those importing goods from Kenya into the UK can also use the accounts to pay for the goods using local currency into their supplier’s Equity Bank accounts. Friends and family living in the UK can send money home to their loved ones, or to their own bank accounts in Equity Bank in ten seconds.According to Dr. James Mwangi, Group CEO Equity Bank, “Equity Bank is a key player in facilitating remittance to Kenya. We want our customers in and out of the country to have the different options of remittance that is most convenient to them.”The online service www.equitydirect.co.ke will cost only 4GBP to send USD 10,000 from the UK to Kenyans and will allow users to send money in EUR, GBP and USD and users can send even lower than £10.
Nick England, CEO of VFX said, “The uptake of Equity Direct during the pilot phase has been very high. UK residents have been able to remit millions of shillings in the last three months of piloting. We therefore are positive this is what the market has been waiting for. A low cost remittance solution.”
Transaction fees start at £1 with a maximum fee of £4, and there are no deductions or charges on arrival at the Equity Bank account.