Global money transfer company TRANSFAST today announced partnerships with three leading Kenyan banks for instant deposits, as well as the launch of its M-PESA service. Both the instant deposits and M-PESA services will allow customers worldwide, online, and in-person to make instant transfers to Kenya. In addition to the instant services, TRANSFAST offers same-day deposits to all banks in Kenya. Instant deposits are available at three leading Kenyan banks: African Banking Corporation, Chase Bank Kenya, and Dubai Bank Kenya Ltd.
According to Kenya’s Central Bank, in 2014, Kenyans living abroad sent home a record high of $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. According to Kenya’s Central Bank, Kenyans living in North America sent $677 million home in 2014. That represents an increase of 9% over 2013 and accounts for close to half of the total amount sent to Kenya.
TRANSFAST’s new M-PESA service will allow TRANSFAST customers to send money to friends and family in Kenya directly to their mobile phones. According to The Economist, M-PESA is now used by over 17 million Kenyans—more than two-thirds of the adult population. Some 25% of the country’s gross national product flows through M-PESA, which lets people transfer cash using their phones.
Money can be deposited directly into recipients’ bank accounts or an M-PESA wallet, or they can pick up cash at any of the more than 1,250 convenient locations across Kenya.
Even if senders do not have bank accounts in the country they are sending from, TRANSFAST enables them to send directly to a bank account in Kenya by bringing cash to an agent location, said Samish Kumar, CEO of TRANSFAST, in an official press release. TRANSFAST is committed to leveling the playing field and serving both banked and unbanked customers by offering the broadest possible range of sending and receiving options.
To learn about Prove’s identity solutions and how to accelerate revenue while mitigating fraud, schedule a demo today.
Trusted by 1,000+ leading companies to reduce fraud and improve consumer experiences. Contact us today to learn how you can frictionlessly secure your digital consumer journey — from onboarding to ongoing transactions.
Tap the button below to read our latest white-paper on the subject as industry leaders.
Contact us to learn how leading companies are using Prove Pre-Fill to modernize the account creation process by shaving off clicks and keystrokes that kill conversion.
Get in touch to find out how we can help you identify your customers at every stage of their journey and offer them seamless and secure experiences.
Let our expert team guide you through our identity verification and authentication solutions. Select a date and time that works for you.
Find out how we can help you deliver seamless and secure customer experiences that comply with PSD2/SCA. Select a date and time that works for you.
Download Aite-Novarica Group’s full report about Prove Pre-Fill, including a product overview, customer results, and how the product works.
Download the guide now to learn how you can improve security, cut down on fraud, and create the best possible customer experience.