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 Directy service can be accessed online via a secure portal.
- The platform offers competitive foreign exchange rates as well as affordable cost of money transfer.
- Senders from the UK will enjoy the choice of sending money back to Kenya in major world currencies including EUR, GBP and USD.
- Equity Direct has three main advantages according to the company - it is very affordable, the service is convenient as one can send money anytime from their homes or offices as long as they have online access, and thirdly - the delivery is real time.
- The service will cost only 4GBP to send $10,000 from the UK to Kenya.
- Those who wish to send money to Kenya from the UK and don’t have an Equity Bank account shall be facilitated to open the accounts by VFX in the UK.
- Transaction fees start at £1 with a maximum fee of £4, and there are no deductions or charges on arrival at the Equity Bank account.
- Also, the exchange rates and costs are clearly displayed for users to view before a transaction.
“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.