According to a report by UK’s fastest growing tech company WorldRemit, Kenyan diaspora do the most digital money transfer to mobile money accounts.
WorldRemit is a digital money transfer service set to oust long-time international money transfer services like the Western Union and MoneyGram. WorldRemit adapts the latest technology in digital money transfer service that makes sending money via the platform instantly.
The report release comes hot on the heels of a 10th year anniversary of the most popular and pioneer mobile money service in Kenya, M-Pesa. WorldRemit report shows up to 93% of funds transferred by Kenyan diaspora back home via the platform were to mobile money wallets.
The report also shows the following findings:
In January this year, Kenyan diaspora transferred $140m to Kenya via WorldRemit. Making the platform one of the popular remittance platforms for the diaspora.
The top countries where Kenya diaspora sent the most money were the UK, Australia, US, Germany, Canada, and Nordic countries.
About 3 million Kenyans are living in the diaspora. The majority of whom being in North America, Europe, and Australia.
The Central Bank of Kenya says remittances make one of the top national earners for the country and is an important economic boost for the country. Inward remittance hit a record high of a little under $161 million in the month of November
The incorporation of mobile money option in WorldRemit wallet has gone a long way in making the remittance choice popular among the Kenyans diaspora. Sending money has become as fast as sending an email back home.
The Founder and CEO of WorldRemit, Ismail Ahmed, said: “Kenya is famed for leading Africa’s digital transformation, and today it’s Kenyans abroad who are at the forefront of digitizing international money transfers. Most of our Kenyan customers use our mobile app, demonstrating the strong demand for convenience when sending to friends and family.
With half a billion registered accounts worldwide, mobile money continues to transform lives by allowing people to access financial services for the first time. WorldRemit customers now send more than 65,000 transfers to the country every month from the WorldRemit app and website with over 90% going to M-Pesa.”
Users can download the WorldRemit Android, and iOS apps to use while on the go or use the desktop site. WorldRemit charges are also a major factor drawing users to the platform as it is more affordable compared to the traditional services like the Western Union and MoneyGram.
