WorldRemit’s mobile-first, digital model allows the Kenyan diaspora to send money in a few taps directly from their phones – without the inconvenience of visiting a bricks and mortar agent.
With a diaspora of half a million living in the US, UK and France, remittances are playing an increasingly important role in Kenya’s economy. The World Bank estimates that in 2017 alone Kenya received over $1.8 billion in remittances.
The partnership builds on WorldRemit’s rapid expansion in Kenya since launching its money transfer service to the country in 2011. WorldRemit customers currently make over a million money transfers to Kenya each year.
Diamond Trust Bank Kenya Limited is a leading bank with a strong regional presence and reputation for its customer-centric approach. The banks’ vision for 2020 is focused on leveraging digital technology for the benefit of consumers across East Africa.
By partnering with a digital money transfer service leader, the bank intends to shift customer experience at its money transfer outlets to best-in-class.
Kennedy Nyangweso, Head of Money Transfer Services at DTB, said: ‘Over the years, DTB has dominated the money transfer scene by being the preferred partner for both customers and money transfer providers. Our partnership with WorldRemit is part of our focus to become a one-stop shop for our customers. In launching this service across all our branches in Kenya, we are confident that our mission to address the challenge of financial inclusion across the country will be realised.’
Sharon Kinyanjui, Head of East Africa at WorldRemit, comments: ‘Remittances sent to Kenya continue to grow at a significant rate and we are delighted to be adding DTB to our partner network. The Kenyan diaspora and their recipients now have an even wider choice of receive locations and we look forward to furthering our partnership with DTB across the region.’
Founded by entrepreneur Ismail Ahmed in 2010, WorldRemit has secured $220 million in funding and currently sends from 50 countries to over 145 destinations.