NBK is one of the largest commercial banks in the country. To meet the dynamic needs of its customers, NBK rolled out diaspora banking in 2016 to let customers bank in multiple currencies and create a financial base back home. Related post: Send money to Kenya through 10 different ways 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. Related post: Kenyans in the diaspora can now send money back home to bank account holders on KCB 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. WorldRemit makes sending money as easy as sending an instant message. Wilfred Musau, National Bank Chief Executive Officer and Managing Director, said: Ismail Ahmed, founder and CEO at WorldRemit, comments: Get started here to send money to Kenya using Worldremit. “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.” Feature image: Business Today Kenya
