Diamond Trust Bank and WorldRemit, a money remittance platform based in London have formed a partnership that will help Kenyans living abroad to send money to the bank’s local branches.
The partnership is taking advantage of the increasing demand for fast digital remittances among the more than 3 million Kenyans in the diaspora. For instance, the Central Bank of Kenya’s data indicates that the Kenyan diaspora remitted $1.75 billion in the 12 months to May 2017.
Additionally, the aim of the partnership is to make international money transfers easier and increase the number of remittances coming to Kenya.
Other banks that have partnered with WorldRemit are Equity, National Bank of Kenya, KCB, Barclays Kenya, and Standard Chartered.
“Kenya is famed for leading Africa’s digital transformation and today its Kenyans abroad who are at the forefront of digitising international money transfers,” said founder and CEO of WorldRemit Ismail Ahmed during the launch of the firm’s partnership with KCB last year.
“Most of our Kenyan customers use our mobile app, demonstrating the strong demand for convenience when sending money to friends and family.”
The new collaboration comes after WorldRemit introduced Sh4 billion expansion plan to Africa which began in December.
WorldRemit currently handles 74 percent of remittances to major mobile money services in Africa such as M-Pesa, Airtel, MTN, Tigo Pesa, and Ecocash.