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Money transfer firm set for Sh2.6bn IFC cash for expansion
In Kenya, inward remittances for the eight months to August 2024 rose by 16.4 percent to $3.22 billion (Sh416 billion) compared to the corresponding period last year.
Digital money transfer service provider Zepz, the operator of remittance platforms WorldRemit and Sendwave, is set for a $20 million (Sh2.6 billion) equity investment from the International Finance Corporation (IFC) to fund expansion into new markets.
The company, which has offices in Kenya through both the WorldRemit and Sendwave brands, is raising a total of $267 million (Sh34.5bn) in the equity funding drive, disclosures from the IFC show.
