Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
Kendy Money Transfer, recently issued with a license by the Central Bank of Kenya (CBK), will be offering several solutions to send money/FILE

Kenya

Kendy launches money transfer services in Kenya

Kendy Money Transfer, recently issued with a license by the Central Bank of Kenya (CBK), will be offering several solutions to send money/FILE

Kendy Money Transfer, recently issued with a license by the Central Bank of Kenya (CBK), will be offering several solutions to send money/FILE

NAIROBI, Kenya, Sep 3 – The inflow of remittances into the country is set to go a notch higher after Kendy Money Transfer Limited, a Pan African Remittance Service provider launches its service in Kenya.

Kendy Money Transfer, recently issued with a license by the Central Bank of Kenya (CBK), will be offering several solutions to send money and make payments within Africa and abroad.

In Africa, the company will now cross transfer remittances between Kenya, Uganda, Tanzania, Ethiopia, Mali, Guinea Bissau, Benin, Togo, Senegal, Ivory Coast, Niger, Mauritania, Ghana and Gambia.

General Manager Caroline Rukaria says Kendy is looking at leveraging on innovative money transfer options to reduce costs and increase penetration within Africa.

“We have already established a presence in several locations in Kenya, where our customers can access our various services. This is an ongoing exercise,” Rukaria said.

The firm plans to widen its network and service delivery through partnering with licensed financial institutions such as banks, forex bureaus and mobile cash agents.

Some of the services provided by Kendy Money Transfer to recipients include cash transfers, bank deposits, mobile wallet and bill payments.

Rukaria noted that the potential for Africa remittance is huge but the market in Africa remains relatively underdeveloped.

“Africa has a huge share of cross-border remittances flowing through informal channels and significantly higher remittance costs, than most parts of the world,” she said.

Kenya is a key remittance market as it receives, on average, 60 percent of remittances to East Africa and an average of 10 percent of all remittances to the Sub-Saharan region.

Advertisement. Scroll to continue reading.

According to the Central Bank of Kenya, remittances to Kenya increased by 8.6 percent to Sh10.6 billion in May 2014 compared to Sh9.8 billion in May 2013.

Europe and North America account for approximately 75 percent of remittance inflows while the rest of the world , including Africa, account for the balance.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...