WorldRemit Joins Forces With KCB to Power Money Transfers to Kenya

WorldRemit Joins Forces With KCB to Power Money Transfers to Kenya
23.03.2017 12:30 pm

WorldRemit Joins Forces With KCB to Power Money Transfers to Kenya

Money Transfers

Digital money transfer service WorldRemit and KCB, the largest bank in East and Central Africa, have partnered to create a new instant option to send remittances to Kenya.

Announced at an investment event for Kenyan and African diaspora at the Royal Overseas League in London, the partnership aims to support the growing demand for instant, digital remittances among more than 3 million Kenyans currently living abroad. 

Kenyans living around the world can now make secure, instant money transfers to be collected at KCB branches across the country. 

Later stages of the partnership will enable instant international transfers to KCB bank accounts, a further move towards full digitisation of the Kenyan economy, says Annastacia Kimtai, KCB Retail Director.

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.

Annastacia Kimtai, KCB Retail Director, comments: “This partnership will bridge a gap in money remittances from the diaspora and therefore enhance the experience of our customers in East Africa and abroad. 

“Remittances have been on the increase in the last couple of years, and we want to play a bigger role in this space. The FinTech era only puts us in a better position to continue to play that role of channelling remittances to build our economy.”

“KCB endeavours 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.”

Ismail Ahmed, founder and CEO of WorldRemit, comments: “Kenya is famed for leading Africa’s digital transformation, and today it’s Kenyans abroad who are at the forefront of digitising international money transfers. Most of our Kenyan customers use our mobile app, demonstrating the strong demand for convenience when sending to friends and family.” 

“We’re proud to work in partnership with KCB, who share our vision for digital innovation and our commitment to bringing secure, instant remittances to the diaspora around the world. Today nearly a quarter of our transfers to KCB are made by Kenyans in Australia, with the USA our fastest growing market.”

Related News

Paysend races to 1.5 million customers

International money transfer start-up reaches the 1.5 million customer milestone with over 3,000 new users every day.

UK-based fintech Paysend announced that their... Read more »

Azimo and Ripple Partner to Deliver Faster, Cheaper Payments to the Philippines

Azimo, Europe’s leading digital money transfer service, announced today that it has partnered with ... Read more »

WorldRemit Enters Global Remittance Partnership with Alipay

WorldRemit has announced a partnership with Alipay, enabling consumers to use the WorldRemit app or website for cross-border remittances to the Alipay app, bringing more... Read more »

Top five UK money transfer markets receive more than £10bn

New analysis reveals the top five money transfer markets for UK residents that account for nearly one third of the total sent home

New analysis by Paysend, the UK based... Read more »

Vodacom Tanzania and WorldRemit Launch Mobile Money Transfers to M-Pesa Accounts in Tanzania

Leading digital money transfer service WorldRemit has partnered with Vodacom Tanzania to enable nine million M-Pesa customers to receive money directly to their M-Pesa wallets... Read more »

International Digital Money Transfer Transactions to Reach 2 Billion by 2024

A new study from Juniper Research has found that global international digital money transfer transaction volume will reach 2 billion by 2024; up from 1.1 billion in 2019.

Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel