New Money Transfer Service Targeting Kenyans in the Diaspora

 Kenya's Nation Media Group (NMG) is to launch a new electronic international money transfer service targeting Kenyans in the diaspora, IT Web reported. NMG will launch NationHela, which allows Kenyans abroad to send money straight to a recipient's NationHela account. This money can then be accessed using a prepaid Visa card and their mobile phone. The service is also linked to Paypal.

The media group has partnered with the Diamond Trust Bank (DTB) to roll out the NationHela card, which can also be accessed at Nakumatt supermarkets. The NationHela Visa card means one does not have to visit a money transfer agent to receive money sent from abroad since the money comes straight to the NationHela account. The NationHela prepaid card will retail at USD 6.

The NationHela card is accepted at over 8,000 local Visa outlets in Kenya, Visa ATMs and over 30 million Visa outlets worldwide. The card can be used to purchase goods or services at retail outlets and withdraw cash from ATMs. The service also allows users to pay electricity and water bills through their mobile phone as well as transfer money to their mobile money accounts such as M-Pesa.

NationHela will compete with M-Pesa, Airtel Money, Yu Cash, Orange money, Western Union and Money Gram. According to the Communication Commission of Kenya's (CCK's) quarterly report, Kenya has nearly 19 million mobile money transfer subscribers. Total deposits from the sector were USD 2 billion for the last quarter. This is a huge amount and shows room still exists for more competition, IT Web said.

telecompaper.com