KCB deal to expand Diaspora remittance options

NAIROBI, KENYA: Kenya Commercial Bank and digital money transfer service provider WorldRemit 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.

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.