WorldRemit brings instant money transfers to Kenya
Written by Chris Lemmon
The National Bank of Kenya (NBK) has partnered with digital money transfer service WorldRemit to enable Kenyans living abroad to make instant transfers back home.
WorldRemit users can now make instant bank deposits to NBK accounts held in both Kenyan Shillings and US Dollars, as well as send funds for cash pickup in KES across NBKs extensive branch network.
NBK is one of the largest commercial banks in the country. To meet the 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 Kshs 177.34 billion ($1.71 billion) in 2016, up from Kshs 159.82 ($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 two million money transfers to the country. They now send more than 80,000 transactions every month from the WorldRemit app and website.
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, added: “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.”