Digital money transfer service World Remit and National Bank of Kenya (NBK) have launched a partnership that will enable Kenyans living abroad to make instant transfers home. WorldRemit users will now be able to make instant deposits to NBK accounts held in both Kenyan Shillings and US Dollars, as well as send funds for cash pickup in KES across NBK’s branch network.
To meet the needs of customers, 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.
Since the start of operations in Kenya, 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.
Some of the benefits of using World Remit to transfer money include:
Transfers to most countries are instant.
More ways to receive (Mobile Money, bank transfer, cash pickup, and mobile airtime top-up).
Available in over 50 countries and 140+ destinations.
Backed by Accel Partners and TCV (an investment company).
To find out more about how you can use send money to Kenya using WorldRemit, click here or here.