WorldRemit And Bank Of Kenya Join Forces To Expand Remittance Options For Kenyans
WorldRemit, an international digital money transfer business, and the National Bank of Kenya have joined forces to the benefit of the Kenyan people, expanding remittance options for locals and those sending money to the country.
The partnership enables Kenyans living abroad to make instant transfers to Bank of Kenya accounts held in both Kenyan Shillings and U.S. Dollars, as well as send funds in cash for collection in Kenyan Shillings at bank branches, according to ITNewsAfrica.
Mobile money services have gained impression traction across Africa, with a large unbanked population in many parts of the continent able to transact via their mobile phones, but with this joint-venture the Bank of Kenya is aiming to resuscitate the banking industry through remittances.
During 2016, the Central Bank revealed that Kenyans living outside of the country sent home a total of $1.72 billion, according to NairobiNews.
That means that remittances proved to be the largest source of foreign exchange for Kenya, eclipsing the important sectors of tourism and horticulture.
Using remittances to boost the Bank of Kenya
The partnership between the National Bank of Kenya and WorldRemit will see the remittance industry in Kenya strengthened for millions who rely on the services to send or receive money on a consistent basis, and especially those sending to Kenya from foreign lands.
Wilfred Musau, chief executive officer and managing director of the National Bank of Kenya was pleased about the new partnership with WorldRemit.
“Our new partnership with WorldRemit is part of the bank’s commitment to increasing banking convenience for bank for our customers abroad,” Musau said, according to TechMoran.
“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,” he said.
WorldRemit customers In Kenya have completed almost two million money transfers to the country, with around 80,000 transactions processed by Kenyans every month from the WorldRemit app and website.
The company is responsible for processing 74 percent of all international transfers regarding mobile money accounts through money transfer operators.
Sign up for the AFKInsider newsletter — the most compelling business news you need to know from Africa and the African diaspora, delivered straight to your inbox.