TRANSFAST, the global money transfer company, today announced partnerships with three leading Kenyan banks for instant deposits, and the launch of its M-PESA service. Both the instant deposits and M-PESA services will enable 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 percent 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. Kenyans living in North America sent $677 million home in 2014, according to Kenya’s Central Bank. That represents an increase of nine percent 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. M-PESA, Kenya’s mobile money system, is now used by over 17 million Kenyans – more than two-thirds of the adult population – according to The Economist magazine. Some 25 percent 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 a 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 direct 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 widest possible range of sending and receiving options.”