Kenyans in Diaspora to Send Cash Instantly in New DTB-WorldRemit Deal
Kenyans in diaspora can now instantly transfer cash through WorldRemit for collection at more than 60 Diamond Trust Bank (DTB) branches across Kenya.
This comes after a deal between the global leading digital cash transfer service and DTB Bank. WorldRemit’s mobile-first, digital model, grants Kenyans in diaspora a platform to send cash in a few taps directly from their phones without having to visit a bricks and mortar agent.
This comes after increased diaspora remittances by the more than half a million Kenyans living and working in the United States, United Kingdom and other countries.
Figures from Central Bank of Kenya (CBK) shows that Kenyans abroad sent home more than $1.8 billion in 2017.
"Over the years, DTB has dominated the money transfer scene by being the preferred partner for both customers and money transfer providers. Our partnership with WorldRemit is part of our focus to become a one-stop shop for our customers,"Kennedy Nyangweso, Head of Money Transfer Services at DTB, said.
WorldRemit Head of East Africa Sharon Kinyanjui said the deal with DTB is a game changer for Kenyans in the diaspora as far as cash transfer is concerned.
"Remittances sent to Kenya continue to grow at a significant rate and we are delighted to be adding DTB to our partner network. The Kenyan diaspora and their recipients now have an even wider choice of receive locations and we look forward to furthering our partnership with DTB across the region."
Comments (7)
Good. However, folks beware. Globally, remittances to Sub-Saharan Africa are the most expensive averaging 9.81% according to the World Bank. Banks remain the most expensive Remittance Service Provider (RSP) at 11.18% (of the amount being sent) DTB and World Remit might not charge all this but there's need to be careful because you end up losing precious, hard earned monies in the process. Make sure you compare rates to others such as WAVE (whose convenience is better because it goes straight to anyone with an Mpesa account (almost 100% of Kenyans) World Remit would have done a better job seeking collaboration with Safaricom than DTB (no ill will to the bank, though)
I second Mlachake, Kenyans decide who you send your hard earned cash through based on rate, convenience and trustworthiness. In short, do it in self interest. Whoever gives you the best deal for your money. Where do you and your people benefit most. That is the only issue.
I second both of you.Wave so far is God send!!!.
I agree, though their rates could be better.
Wave for life. They are reliable and cost effective. Love their speed and easyness of doing business.they are reachable 24/7 seven days of the week. I totally recommend wave.
Wave has dominated coz even grandma can leap to a kiosk next door and collect cash
With World Remit you can also send cash to mpesa. The exchange rates are the same. For only $0.99 you can send up to usd 5k and its in kenya within 24hrs for pickup or in a bank account.Its convenient if you are sending big money. With mpesa you can send only ksh.70k at any one time. Av been using World Remit for over 18 months. Its very convenient.