Digital money transfer service firm WorldRemit has teamed up with KCB Bank to create a new option to offer instant money transfers to Kenya.
The partnership was announced at an investment event for Kenyan and African diaspora in London.
KCB retail director Annastacia Kimtai said that in the later phase of partnership, users can make instant international remittance to KCB bank accounts.
Kimtai added: “This partnership will bridge a gap in money remittances from the diaspora and therefore enhance the experience of our customers in East Africa and abroad.
“Remittances have been on the increase in the last couple of years, and we want to play a bigger role in this space. The FinTech era only puts us in a better position to continue to play that role of channelling remittances to build our economy.”
WorldRemit founder and CEO Ismail Ahmed said: “We’re proud to work in partnership with KCB, who share our vision for digital innovation and our commitment to bringing secure, instant remittances to the diaspora around the world. Today nearly a quarter of our transfers to KCB are made by Kenyans in Australia, with the USA our fastest growing market.”
According to the Central Bank of Kenya, inward remittances reached a record value of $146.76m in May 2016, making it one of the nation’s top earners.