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.