Popular global payments company, WorldRemit has reduced transaction fees for remittances to Africa.
The lowered transfer costs are aimed at enabling Africans in the diaspora to send more cash to their families back home via WorldRemit App or website.
WorldRemit management said the move is in line with the company’s commitment to supporting remittance flows across Africa and helping the diaspora to support family and friends back home.
The reduction of transfer costs, which is the biggest drop in WorldRemit’s history, is good news to Kenyans abroad, especially those living and working in North America and Europe.
Kenya is the fourth-largest recipient of diaspora remittances in Africa behind Egypt, Nigeria, and Ghana. Last year, Kenyans abroad wired home a record $2.8 billion (Sh306.2 billion).
Kenyans abroad sent home Sh28.8 billion ($263.2 million) in October, data by the Central Bank of Kenya (CBK) shows.
Diaspora inflows have remained Kenya’s leading source of foreign exchange since 2015 ahead of earnings from tourism, tea, coffee, and horticulture exports.
In August, WorldRemit announced it had agreed to acquire Africa-focused, app-based remittance company, Sendwave in a deal believed to be worth more than $500 million.