PayTech

Diamond Trust Bank, Worldremit Sign Kenyan Diaspora Money Transfer Pact

Diamond Trust Bank (DTB) and money remittance firm WorldRemit have announced a partnership to enable Kenyans in the diaspora to make instant money transfers to the bank’s local branches, reports Business Daily.

The aim is to cash in on the growing demand for instant, digital remittances among the over 3 million Kenyans living abroad. It is also meant to ease the international cash transfer process an­d grow the amount of money sent to Kenya.

“Kenya is famed for leading Africa’s digital transformation and today its Kenyans abroad who are at the forefront of digitising international money transfers, said founder and CEO of WorldRemit Ismail Ahmed during the launch of the firm’s partnership with KCB in 2017.

This new partnership comes in the wake of WorldRemit’s KES 4 billion expansion drive in Africa, which began in December 2017.

The firm currently handles 74 percent of remittances to popular mobile money services in Africa such as MTN, Ecocash, Tigo Pesa, M-Pesa and Airtel Money, making it the global leader in mobile-to-mobile international money transfers.  Central Bank of Kenya data shows that Kenyans living abroad sent home KES 1.75 billion in the twelve months to May 2017.