Kenyans lead way in adoption of Mobile Money remittances
NAIROBI, Kenya - Wednesday, July 27th 2016 [ME NewsWire]
(BUSINESS WIRE)-- Kenyans living abroad have now sent one million money transfers with WorldRemit.
With the WorldRemit app or website, the diaspora can send safe, instant transfers to Kenya at the touch of a button.
Mobile Money has played a key role in the popularity of WorldRemit money transfers to Kenya, as Kenyans discover the speed and convenience of sending remittances direct to mobile phones.
WorldRemit now sends more than 50,000 transfers to Kenya every month, with over 90% going to Mobile Money accounts such as M-Pesa and Airtel Money.
Customers can also send transfers direct to bank account, for cash pick up from KCB Bank Kenya and Upesi Money Transfer branches, or as mobile airtime top up.
Around three million Kenyans live abroad with large communities in countries such as the United Kingdom, United States and Canada.
The contribution of the diaspora - including remittances - is recognised as a critical component in the growth of the Kenyan economy and achieving Vision 2030[1]. Inward remittances reached a record value of $146.76m in May 2016, according to the Central Bank of Kenya, making it one of Kenya’s top earners.
Alix Murphy, Senior Mobile Analyst at WorldRemit, comments: “Kenya is renowned for leading the world in Mobile Money and we’re now seeing Kenyans at the forefront of adoption of Mobile Money remittances. The vast majority of our Kenyan customers choose to receive remittances on their M-Pesa or Airtel Money accounts instead of collecting cash. It’s convenient, secure and means no more travelling to money transfer agents.
“With over 400 million registered accounts worldwide, Mobile Money is transforming lives by allowing people to access financial services for the first time. As is being showcased in Kenya, Mobile Money will become the method of choice for receiving remittances in many countries across the world.”
WorldRemit is the leading sender of remittances to Mobile Money, with connections to 32 services in 24 countries.
WorldRemit began offering remittances to Kenya in March 2011.
[1] Kenya Ministry of Foreign Affairs – Kenya Diaspora Policy
http://www.mfa.go.ke/wp-content/uploads/2016/01/Kenya%20Diaspora%20Policy.pdf
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About WorldRemit
WorldRemit is changing the way people send money.
It’s easy – just open the app or visit the website – no more agents.
Transfers to most countries are instant – send money like an instant message.
More ways to receive (Mobile Money, bank transfer, cash pickup, and mobile airtime top-up).
Available in over 50 countries and 125+ destinations.
Backed by Accel Partners and TCV – investors in Facebook, Spotify, Netflix and Slack.
WorldRemit is the UK’s fastest-growing technology company (Deloitte Technology Fast 50 2015)
WorldRemit’s global headquarters are in London, UK with regional offices in the United States, Canada, Japan, Australia and New Zealand.
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Contacts
WorldRemit
Ben Leong
bleong@worldremit.com
+44(0)7576 831 130
media@worldremit.com
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