NIC Bank partners with WorldRemit for digital money transfers to Kenya
WorldRemit customers living in over 50 countries can now send money quickly and securely to 130,000 NIC Bank Retail accounts and several new cash pickup locations
Kenyans living in over 50 countries, including the United Kingdom, the United States and Canada, can now send money directly from their phones to 130,000 NIC Bank Retail accounts and over 40 new cash pickup locations at NIC branches across Kenya.
Kenya is WorldRemit’s fourth largest recipient of international money transfers globally and third largest in Africa. Transactions to the country grew by over 40% in 2018 and top send countries include the UK, Australia and the USA.
NIC Bank is a leading financial services company with a presence in Kenya, Uganda and Tanzania. It is a market leader in diaspora banking services offering bank accounts, competitive forex rates, advisory and investment options such as securities, mortgages and personal loans.
The Central Bank of Kenya (CBK) estimates that remittances hit an all-time high of Sh197.12 billion ($1.95 billion) in 2017 - a 13 percent growth on the previous year.
Sharon Kinyanjui, Head of East and Central Africa at WorldRemit, comments: “We are delighted to partner with NIC Bank, a leading bank with strong ties to the Kenyan diaspora.
“Our partnership connects us to over 130,000 NIC Bank accounts and several new cash pickup locations across Kenya. From sending money to loved ones to making investments back home, the new service will enable 3 million Kenyans living in over 50 countries to contribute to Kenya’s bright future.”
NIC’s Group Managing Director, John Gachora said the partnership with WorldRemit will strategically position the Bank’s diaspora product offering: “At NIC Bank we are investing significantly in our digital capabilities to deliver value to our customers and make banking easier and convenient. The partnership with WorldRemit is set to cash in on the growing demand for instant, digital remittances among our customers and provides the diaspora with a convenient, efficient and affordable means of sending money back home to their loved ones.
“WorldRemit allows you to transfer money from your bank account using a credit or debit card. The funds can be deposited into your recipient’s bank account or made available for collection from an agent location.”
WorldRemit customers complete over 1 million transfers every month from over 50 countries to over 145 destinations. More than half of its transfers go to Africa.