WorldRemit is in discussions with local operators and fintech firms on services that would help it improve its business.
WorldRemit customers currently make over a million money transfers to Kenya each year.
The World Bank estimates that in 2017 alone Kenya received over $1.8 billion (Sh180 billion) in remittances.
A UK-based money remittance firm WorldRemit is targeting more local partnerships with telecommunications and financial technology (fintech) firms as it seeks to expand its operations.
WorldRemit regional director Andrew Stewart on Wednesday said the company was in discussions with local operators and fintech firms on services that would help it improve its business.
“We have a link with Safaricom’s #ticker:SCOM M-Pesa, and in terms of working with other fintech organisations we are currently in discussion with some in terms of other technologies that will help improve our services,” said Mr Stewart.
Speaking in Nairobi during the announcement of a partnership between the firm and Diamond Trust Bank (DTB) #ticker:DTK, Mr Stewart said with a diaspora of about 500,000 living in the US, the UK and France, remittances are playing an increasingly important role in Kenya’s economy.
The tier 1 lender listed on the Nairobi Securities Exchange (NSE) with a regional presence is a receiver agent, and customers will not pay anything since the sender pays all the charges.
The partnership builds on WorldRemit’s expansion plan in Kenya since launching its money transfer service locally in 2011.
WorldRemit customers currently make over a million money transfers to Kenya each year.
The World Bank estimates that in 2017 alone Kenya received over $1.8 billion (Sh180 billion) in remittances.
DTB’s head of money transfer services Kennedy Nyangweso said the partnership is part of their focus to becoming a one-stop shop for their customers.
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