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KCB signs new deal to tap diaspora remittances

KCB Chief Executive Joshua Oigara. (Photo: Jonah Onyango/Standard)

Digital money transfer service WorldRemit and KCB have set up a new money remittance service for the diaspora. The partnership aims to support the growing demand for instant, digital remittances by the more than three million Kenyans living abroad.

“Later stages of the partnership will enable instant international transfers to KCB bank accounts, a further move towards full digitisation of the Kenyan economy,” said KCB Retail Director Annastacia Kimtai.

In the first half of last year, WorldRemit passed the mark of one million money transfers to Kenya. Customers now send more than 65,000 transfers to the country every month from the WorldRemit app and website. Inward remittances reached a record Sh163 billion in May last year, according to the Central Bank of Kenya.

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