The National Bank of Kenya (NBK) signed a deal with mobile and online remittance company WorldRemit, a move the bank said would expand the options for its customers receiving funds from abroad.
As a result of the partnership the bank’s customers will be able to receive payments from the service directly into NBK accounts or for collection from its branches around the country.
NBK is a former state-owned institution and is still one of the largest banks in Kenya. It began offering remittance accounts in 2016 to support Kenyan nationals living abroad who wanted to send money home.
In 2016, Kenya’s incoming remittances totaled $1.7 billion according to official figures from the country’s central bank – a rise of 11 per cent on the amount recorded for 2015.
WorldRemit currently processes 700,000 transactions a month into Kenya. Funds can be deposited into mobile wallets, bank accounts or collected from participating merchants.
Ismail Ahmed, founder and CEO of WorldRemit said: “We are delighted that this partnership will enable us to offer an enhanced service to our Kenyan customers. They can now transfer funds to NBK accounts quickly, to be paid out in shillings or dollars. It’s a welcome expansion of our fast, safe and lower cost online service which has already proved so popular with Kenyans.”