• Advertise
  • Jobs
  • Freelance Gigs
  • Motoring
  • Money
Thursday, May 26, 2022
  • Login
  • Startups
    • About US
  • Reviews
  • Business
  • Motoring
  • Blockchain
    • Crypto News
  • Insider
    • Obituaries
  • Women
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition
  • Columnists
No Result
View All Result
  • Startups
    • About US
  • Reviews
  • Business
  • Motoring
  • Blockchain
    • Crypto News
  • Insider
    • Obituaries
  • Women
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition
  • Columnists
No Result
View All Result
TechMoran
No Result
View All Result
Home Business

Transfast takes on Western Union, MoneyGram with New Direct to M-PESA Partnership

transfastLast year, Kenyans living abroad sent home a record high of $1.43 billion, a 10.68 percent increase over 2013 making remittances a major source of foreign exchange for east Africa’s biggest economy.

According to Kenya’s Central Bank, in 2014, Kenyans living in North America sent $677 million home in 2014, an increase of nine percent over 2013, and accounts for close to half of the total amount sent to Kenya. TRANSFAST aims to best serve Kenyans working abroad.

Global money transfer firm Transfast, has partnered with African Banking Corporation, Chase Bank Kenya and Dubai Bank Kenya Ltd for instant deposits and M-PESA tansfers.

The deal will allow users of the New York City-based firm to send money to Kenya via bank or M-PESA mobile wallet directly.

This means the firm aims to serve some of the users already relying on PayPal, Western Union, MoneyGram and BitPesa to send money instantly to their families ad friends in Kenya.

“Even if senders do not have bank accounts in the country they are sending from, TRANSFAST enables them to send direct to a bank account in Kenya, by bringing cash to an agent location,” says Samish Kumar, CEO of TRANSFAST. “TRANSFAST is committed to leveling the playing field and serving both banked and unbanked customers by offering the widest possible range of sending and receiving options.”

Transfast will see recipients in Kenya get instant deposits into their bank accounts or their M-PESA wallets. Other banks that aren’t working with TRANSFAST will recieve same-day deposits for their users. M-PESA has nearly 20 million users in Kenya and nearly 25 percent of the country’s gross national product flows through M-PESA according to the Economist.

“Our breakthrough technology is enabling our customers to send money to all banks in Kenya from a mobile device, online or in-person at an agent location,” says Roshan Polepalli, VP of TRANSFAST.com.

 

Readers 5,705

Share

  • Click to share on Telegram (Opens in new window)
  • More
  • Click to share on Tumblr (Opens in new window)
  • Click to print (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Pinterest (Opens in new window)
  • Click to share on Reddit (Opens in new window)
  • Click to share on Pocket (Opens in new window)

Like this:

Like Loading...

Related

Sam Wakoba

Sam Wakoba

Taking you on tour through Africa's tech ecosystem, one startup at a time! editor@techmoran.com.

Related Posts

Future Google Messages update could work better with iMessages.
Business

Helb will borrow Sh22 billion for student laptops.

by Yvone Kendi
May 26, 2022
0

The Higher Education Loans Board (Helb) intends to issue a bond to borrow Sh22 billion to fund laptop purchases for...

develoPPP Ventures to grant up to 100,000 euros to startups in Ghana & East Africa for suitable growth
Startups

develoPPP Ventures to grant up to 100,000 euros to startups in Ghana & East Africa for suitable growth

by James Musoba
May 26, 2022
0

develoPPP Ventures is looking for Ghana, Kenya and Tanzania-based startups to apply for a grant of up to 100,000 euros...

Nigerian crypto exchange Yellow Card launches in Ivory Coast.
Startups

Nigerian crypto exchange Yellow Card launches in Ivory Coast.

by Weddy Thuranira
May 26, 2022
0

Nigerian cryptocurrency exchange Yellow Card has added Ivory Coast to its list of 16 countries where it operates as it continues to expand across Africa, Since its debut in Nigeria in 2018, Yellow Card has made it their mission to bring financial freedom to all by making it simple for anybody, wherever in Africa, to buy cryptocurrency at the best rates using cash, mobile money, cards, and bank transfers. Ivory Coast's Yellow Card country manager, Sylvio Contayon, is optimistic about the journey ahead, claiming that the country is an untapped market with an increasing number of crypto enthusiasts. Yellow Card, which was founded in 2018 and launched in Nigeria in 2019, allows anyone in Africa...

Solar Sister & LivelyHoods Kenya merge to bring clean energy to millions of people in sub-Saharan Africa

Solar Sister & LivelyHoods Kenya merge to bring clean energy to millions of people in sub-Saharan Africa

May 26, 2022
Faulu Microfinance Bank Launches New Contactless Cards With 3D Security Features

Faulu Microfinance Bank Launches New Contactless Cards With 3D Security Features

May 26, 2022
Esaal, Egypt’s online health and wellness platform raises $1.7M to expand across the MENA region

Esaal, Egypt’s online health and wellness platform raises $1.7M to expand across the MENA region

May 26, 2022
Please login to join discussion
  • Advertise
  • Jobs
  • Freelance Gigs
  • Motoring
  • Money

© 2022 TechMoran Ltd, All Rights Reserved.

No Result
View All Result
  • Startups
    • About US
  • Reviews
  • Business
  • Motoring
  • Blockchain
    • Crypto News
  • Insider
    • Obituaries
  • Women
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition
  • Columnists

© 2022 TechMoran Ltd, All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Go to mobile version
 

Loading Comments...
 

You must be logged in to post a comment.

    %d bloggers like this: