Digital money transfer service WorldRemit and the National Bank of Kenya (NBK) have partnered to enable Kenyans living abroad to make instant transfers home directly and instantly to NBK accounts held in both Kenyan Shillings and US Dollars.
WorldRemit users can also send funds for cash pickup in KES across NBK’s extensive branch network of over 180 branches. The deal follows WorldRemit’s similar partnership with KCB Bank and plans to set up local office in Kenya before the end of year.
Wilfred Musau, National Bank Chief Executive Officer and Managing Director, said: “Our new partnership with WorldRemit is part of the bank’s commitment to increasing banking convenience for bank for our customers abroad. We understand that speed and convenience are key to our diaspora customers, and we are providing these options at a low price through our new partnership with WorldRemit.”
The deal will enable WorldRemit to offer an enhanced service to its Kenyan customers. They can now transfer funds to NBK accounts quickly, to be paid out in shillings or dollars. It’s a welcome expansion of the firm’s fast, safe and lower cost online service which has already it says is proving so popular with Kenyans.
NBK rolled out diaspora banking in 2016 to let customers bank in multiple currencies and create a financial base back home. According to the Central Bank of Kenya, Kenyans living abroad sent home over Kshs 177.34 billion (USD 1.71 billion) in 2016, up from Kshs 159.82 (USD 1.54 billion) in 2015, an 11% Year on Year increase. This makes diaspora remittances Kenya’s largest source of foreign exchange – ahead of key industries such as tea and horticulture.
WorldRemit customers have completed almost 2 million money transfers to the country. They now send more than 80,000 transactions every month from the WorldRemit app and website.
Globally, WorldRemit customers send almost 700,000 transfers every month to over 140 destinations. The company is currently processing 74% of all transfers to mobile money accounts coming from money transfer operators, according to 2016 GSMA data. WorldRemit makes sending money as easy as sending an instant message.