The banks in question are African Banking Corporation, Chase Bank Kenya and Dubai Bank Kenya. According to Kenya’s Central Bank, in 2014, Kenyans living abroad sent home USD 1.43 billion, a 10.68% increase over 2013.
Remittances are a major source of foreign exchange for east Africa’s biggest economy, and by expanding its proprietary network, TRANSFAST aims to best serve Kenyans working abroad. Kenyans living in North America sent USD 677 million home in 2014, according to Kenya’s Central Bank. That represents an increase of 9% over 2013, and accounts for close to half of the total amount sent to Kenya.
Moreover, TRANSFAST has launched its new M-PESA service via which customers are now able to send money to friends and family in Kenya, directly to their mobile phones. M-PESA, Kenya’s mobile money system, is now used by over 17 million Kenyans, more than two-thirds of the adult population, according to The Economist magazine, and around 25% of the country’s gross national product flows through M-PESA, which lets people transfer cash using their phones. Customers can download TRANSFAST’s app for iOS mobile devices for free. Visit TRANSFAST.com for more information.
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