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KCB, WorldRemit in pact for real time remittance

A KCB banking hall in Rwanda. Remittance has become big business for banks. FILE PHOTO | NMG
A KCB banking hall in Rwanda. Remittance has become big business for banks. FILE PHOTO | NMG 

KCB Group has partnered with money transfer service provider, WorldRemit, to enable the diaspora and businesses send money to Kenya and five other African countries real-time.

The lender, which operates 250 branches and 12,000 agency outlets in Kenya, Tanzania, South Sudan, Uganda, Rwanda and Burundi described the deal as a ‘new instant money transfer service’ where text messages will be sent to recipients confirming the deposits.

Retail director Annastacia Kimutai said: “This partnership bridges a gap in money remittances from the diaspora to East Africa where we leverage on the Fintech era to enable us serve our customers effectively.”

She spoke on the sidelines of an investment event for Kenyan and African diaspora at the Royal Overseas League in London.

WorldRemit founder chief executive Ismail Ahmed said attention on Kenya was informed by local zeal for mobile money app. Remittance has become big business for banks.

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