Kenya: DTB, WorldRemit In Diaspora Money Transfer Pact

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Diamond Trust Bank (DTB) and London-based money remittance firm WorldRemit will Wednesday announce a partnership deal that will enable Kenyans living in the diaspora to make instant money transfers to the bank’s local branches.

The partnership is set to cash in on the growing demand for instant, digital remittances among the over three million Kenyans living abroad. It is also meant to ease the international cash transfer process and grow the amount of money sent to Kenya.

KCB, Standard Chartered , Barclays , Equity,  and National Bank are WorldRemit’s other partners in Kenya.

“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 WorldRemi 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.”

This new partnership comes in the wake of WorldRemit’s Sh4 billion expansion drive in Africa which kicked off in December.

The firm currently handles 74 per cent of remittances to popular mobile money services across Africa such as MTN, Ecocash, Tigo Pesa, M-Pesa and Airtel Money, making it the global leader in “mobile-to-mobile international money transfers.

Central Bank of Kenya data shows that Kenyans living abroad sent home $1.75 billion in the 12 months to May 2017.

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