Market News

WorldRemit tips users on cost-saving cash transfers

WorldRemit provides a variety of international remittance services to expatriates and migrant workers. FILE PHOTO | NMG
WorldRemit provides a variety of international remittance services to expatriates and migrant workers. FILE PHOTO | NMG 

Sending cash from mobile-to-mobile will help families and friends spare more cash to buy Christmas gifts, a UK-based online money transfer service firm has said.

The firm that provides mobile money and other agency transfer services said the high cost of sending money home through agents means Kenyan diaspora is losing up to 11.35 per cent when sending money home.

WorldRemit, founded in 2010, with offices in the United States, Canada, South Africa, Singapore, Philippines, Japan, Australia and New Zealand provides a variety of international remittance services to expatriates and migrant workers.

WorldRemit head of East Africa Sharon Kinyanjui, Wednesday said by instantly sending money from one mobile to another, people save not just money, but also time.

“It’s important to consider that the cost of sending money goes far beyond the transactional cost. Traditional methods mean travelling to an agent to pay in money, taking time off work to do so knowing your family and friends receiving the money will have to do the same,” said Ms Kinyanjui.

WorldRemit data suggests that most of their customers send money around three to four times a month so the savings across the month of December could be higher.

“We see that being able to send money more frequently without paying high costs and wasting time brings families and friends closer together even when living hundreds of miles apart. So we hope we can give people more time with family and friends this Christmas,” he said.