Transfast upgrade to facilitate inter-Africa transfers

The firm is set to unveil new modes of money transfer that seek to guarantee users much convenience at lower cost.

Global money transfer and payment firm Transfast has revealed plans to re-engineer its platforms to allow Kenyans and other East Africans to send money both across and outside Africa.

This is even as transaction times are set to be radically adjusted to allow for much efficiency and further cost reductions.

The far-reaching changes were announced as Transfast recently met with East African business partners to build its network strength in Africa by partnering with a number of banks and other institutions.

New on the list of 18 partners was Postbank Uganda and Tanzania’s NMB Bank. Others were Ecobank Rwanda, Safaricom, Commercial Bank of Africa, as well as Guaranty Trust Bank Kenya.

Gulf African Bank and Kenya’s payment solutions provider PI Consulting, also came on board as Transfast agents.

“As we seek to be a leader giving the best service across the globe, we are looking to invest heavily is upgrading our systems to facilitate transactions at very affordable rates,” said Transfast Eastern Africa Regional Manager Daniel Muchika.

Further, he said the firm is set to unveil new modes of money transfer that seek to guarantee users much convenience at lower cost.

“We are also working at supporting freelance work around the world through integration partnerships with as many job platforms,” he said.

Transfast is a growing international money transfer and cross-border payments company headquartered in New York with additional offices in the UAE and the Philippines.

Founded in 1988, the company is a provider of multi-currency, cross-border payments solutions for consumers and businesses around the world.

Remittances are processed through its direct-to-bank network, and the company offers over 350, 000 cash payout points across 130 countries.

In Africa, Transfast operates in over 30 countries where the company’s bank network covers up to 90 per cent of adult bank account holders in those nations.

Transfast has crossed the 45,000-location mark in India with more than four million customers globally.

To date, the platform is on record for having processed about $8.5 billion worth of transactions.