Digital money transfer service WorldRemit and Kenya’s KCB have partnered to create a new instant option to send remittances to Kenya to support the growing demand for instant, digital remittances among more than 3 million Kenyans currently living abroad.
The deal will allow Kenyans living around the world send money to their loved one’s back home then they can collect it at any KCB branches across the country.
Later users will be able to do instant international transfers to KCB bank accounts.
Annastacia Kimtai, KCB Retail Director said the partnership will bridge a gap in money remittances from the diaspora and therefore enhance the experience of its customers in East Africa and abroad.
“KCB endeavors to be the bank of choice in East Africa by offering relevant and timely solutions to our customers, regardless of where they are based. Customer satisfaction is of key importance to us and we hope that you will enjoy banking with a partner that believes in going ahead, with you,” she said.
In the first half of last year, WorldRemit passed the one million money transfers to Kenya mark. Customers now send more than 65,000 transfers to the country every month from the WorldRemit app and website.
Remittances play a very important role in Kenya’s economy – inward remittances reached a record value of $146.76m in May 2016, according to the Central Bank of Kenya, making it one of the nation’s top earners.
Globally, WorldRemit customers send more than 580,000 transfers every month to more than 140 destinations. WorldRemit makes sending money as easy as sending an instant message.
Diaspora customers currently access KCB Bank’s premium banking centres (KCB Advantage Centres) when in East Africa. They can access their accounts 24/7 from anywhere in the world using Visa Branded debit cards, internet banking and the mobile banking app.
SMEs also enjoy the ability to operate multi-currency accounts in major currencies besides KES: SA Rand, USD, GBP and Euro.
Ismail Ahmed, founder and CEO of WorldRemit said the firm is proud to work in partnership with KCB, who share its vision for digital innovation and its commitment to bringing secure, instant remittances to the diaspora around the world.
According to Ahmen, nearly a quarter of its transfers to KCB are made by Kenyans in Australia, with the USA its fastest growing market.