WorldRemit, KCB partner for instant money transfers to Kenya
The partnership will offer instant, digital remittances to more than three million Kenyans currently living abroad.
Digital money transfer service WorldRemit and KCB, the largest bank in East and Central Africa, are partnering to create an 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 3m Kenyans living abroad. They can now make secure, instant money transfers to be collected at KCB branches across the country. KCB was established in Kenya in 1896 and has since extended its presence to Tanzania, South Sudan, Uganda, Rwanda, Burundi and Ethiopia
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. WorldRemit notes that remittances play a key role in Kenya’s economy – inward remittances reached a record value of US$146.76m in May 2016, according to the Central Bank of Kenya, making it one of the nation’s top earners.