Leading digital money transfer service WorldRemit has partnered with National Bank of Kenya (NBK) to launch a major partnership to enable Kenyans living abroad to make instant transfers home.
WorldRemit users can make instant bank deposits to NBK accounts held in both Kenyan shillings and US dollars, as well as send funds for cash pickup in Kenya shillings through NBK.
NBK is one of the largest commercial banks in the country. To meet the dynamic needs of its 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 Ksh177.34 billion ($ 1.71 billion) in 2016, up from Ksh159.82 ($1.54 billion) in 2015, an 11% 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 two 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. WorldRemit makes sending money as easy as sending an instant message.
“Our new partnership with WorldRemit is part of the bank’s commitment to increasing banking convenience for bank for our customers abroad,” said Mr Wilfred Musau, National Bank Chief Executive Officer and Managing Director. “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 said thhrough the partnership they would offer an enhanced service to 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,” he said.
