National Bank of Kenya, WorldRemit to offer instant money transfers to Kenya

WorldRemit users can now make instant bank deposits to NBK accounts held in both Kenyan Shillings and USD, as well as send funds for cash pickup in KES across NBK’s branch network.

In order to meet the needs of its customers, the Kenyan commercial bank rolled out diaspora banking in 2016 to let customers bank in multiple currencies and create a financial base back home. According to the press release, Kenyans living abroad sent home over KES 177.34 billion (USD 1.71 billion) in 2016, up from KES 159.82 (USD 1.54 billion) in 2015, an 11% increase.

Globally, WorldRemit customers send almost 700,000 transfers every month to over 140 destinations. The company is currently processing 74% of all transfers to mobile money accounts coming from money transfer operators, according to 2016 GSMA data.