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Home » Banking & Finance » WorldRemit, NBK sign deal to boost instant money transfers for Diaspora Kenyans

WorldRemit, NBK sign deal to boost instant money transfers for Diaspora Kenyans

by: Category: Banking & Finance, East Africa, Economy & Politics, Energy, Featured, In Focus, Industry, Technology A+ / A-

Digital money transfer service WorldRemit users can now make instant bank deposits to National Bank of Kenya (NBK) accounts held in both Kenyan Shillings and US Dollars, as well as send funds for cash pickup in KES across NBK’s extensive branch network, following a conclusion of a deal signed between the two firms.

NBK rolled out diaspora banking in 2016 to let customers bank in multiple currencies and create a financial base back home as a way to meet the dynamic needs of its customers.

Available data shows that the Central Bank of Kenya, Kenyans living abroad sent home over Kes177.34 billion (USD 1.71 billion) in 2016, up from Kes159.82 (USD 1.54 billion) in 2015, an 11 per cent 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 per cent 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.

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.”

Ismail Ahmed, founder and CEO at WorldRemit, comments: “We’re proud to work in partnership with the National Bank of Kenya, a trusted and dependable financial institution with a wide network of branches across the country.”

“We are delighted that this partnership will enable us to offer an enhanced service to our 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 our fast, safe and lower cost online service which has already proved so popular with Kenyans.”

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WorldRemit, NBK sign deal to boost instant money transfers for Diaspora Kenyans Reviewed by on . Digital money transfer service WorldRemit users can now make instant bank deposits to National Bank of Kenya (NBK) accounts held in both Kenyan Shillings and US Digital money transfer service WorldRemit users can now make instant bank deposits to National Bank of Kenya (NBK) accounts held in both Kenyan Shillings and US Rating: 0

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Business Journalist since 2009, has worked for Financial Post, Standard Media Group, Business Journal and People Daily.

Chief Editor at The African Business Fortune Magazine.

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