April 2, 2014
It was recently announced that VFX Financial PLC in the UK has collaborated with Equity Bank Group in Kenya to launch Equity Direct - a real-time, cross border, multicurrency money transfer service from the UK to Kenya. The service will allow individuals and corporates in the UK to send money to any account at Equity Bank in the region.
We are delighted to deliver such a convenient and transparent low cost remittance solution which results in more money arriving to Kenya from the UK faster and easily. The uptake of Equity Direct during the pilot phase has been very high. UK residents have been able to remit millions of shillings in the last three months of piloting. We therefore are positive this is what the market has been waiting for, said VFX’s CEO, Nick England. A low cost remittance solution. VFX has ensured that Equity Direct is flexible enough to allow low remittance of £10 and below. Only UK residents can register as remittance is from UK to KE and not vice versa, he added.
Equity Bank is a key player in facilitating remittance to Kenya. We want our customers in and out of the country to have the different options of remittance that is most convenient to them. Equity Direct is focusing on the UK market as UK is one of key remittance corridors for Kenya. Equity Group has invested heavily in creating infrastructure for diaspora remittances, and banking and transaction processing by connecting to all global payment systems as a result of installing a robust system that allows for the innovation of products and services that deliver convenience and affordability to our customers both locally and abroad, said Dr. James Mwangi, Group CEO Equity Bank. Currently, Equity Bank is controlling 16% of all Diaspora remittances and we are working towards scaling this up. We shall therefore continue to seek strategic partnerships that give our customers in the Diaspora choices in money transfer. We see Equity Direct as democratizing money remittance by enabling cheap and instant money transfer direct into the beneficiaries account.
Equity Bank is the leading inclusive bank in Africa, listed at the Nairobi and Uganda Securities Exchanges. It is the largest bank in the region in terms of customer base with over 8.4 million bank accounts which is over 50 % of all bank accounts in Kenya and has presence in Uganda, South Sudan, Rwanda and Tanzania.