NBK partners with WorldRemit to offer instant money transfers to Kenya

WorldRemit and the National Bank of Kenya (NBK) have launched a major partnership to enable Kenyans living abroad to make instant transfers home.

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

Ismail Ahmed, founder and CEO at WorldRemit, commented in a press statement: “We’re proud to work in partnership with the National Bank of Kenya, a trusted and dependable financial institution with a wide network of branches across the country.”

“We are delighted that this partnership will enable us to offer an enhanced service to our Kenyan customers. They can now transfer funds to NBK accounts quickly, to be paid out in shillings or dollars. It’s a welcome expansion of our fast, safe and lower cost online service which has already proved so popular with Kenyans.”  Ahmed added.

According to the Central Bank of Kenya, Kenyans living abroad sent home over Kshs 177.34 billion (USD 1.71 billion) in 2016, up from Kshs 159.82 (USD 1.54 billion) in 2015, an 11% Year on Year increase. This makes diaspora remittances Kenya’s largest source of foreign exchange – ahead of key industries such as tea and horticulture.

Since the start of operations in Kenya, WorldRemit customers have completed almost 2 million money transfers to the country. They now send more than 80,000 transactions every month from the WorldRemit app and website.

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.

Wilfred Musau, National Bank Chief Executive Officer and Managing Director, said in a release: “Our new partnership with WorldRemit is part of the bank’s commitment to increasing banking convenience for bank for our customers abroad. We understand that speed and convenience are key to our diaspora customers, and we are providing these options at a low price through our new partnership with WorldRemit.”