Kenyans in Diaspora
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NCBA Bank, based in Nairobi's Upper Hill district, has formed a strategic alliance with Dubai-based Xpress Money to enhance its international remittance capabilities.
Operating across five continents with 110,000 locations in over 100 countries, Xpress Money brings extensive experience in global payment solutions to this partnership. The collaboration seeks to establish a robust platform that prioritizes security, affordability, and accessibility for international money transfers, aligning with NCBA's commitment to better serve its diaspora clientele through reliable transaction services. The remittance landscape is undergoing a profound transformation, driven by technological innovation in the financial sector.
While traditional institutions like banks and established money transfer operators have historically dominated this space, emerging digital platforms are revolutionizing cross-border payments with their streamlined, cost-effective solutions. These developments address long-standing inefficiencies in international money transfers. World Bank data reveals that sending USD 200 internationally incurred an average cost of 6.4% in 2023, exceeding the UN's Sustainable Development Goal target of 3%.
Financial technology companies are actively working to reduce this disparity by implementing innovative solutions that minimize operational expenses while maintaining transaction security, resulting in more favourable rates for consumers. The evolution of customer preferences has placed a premium on rapid and convenient service delivery. United Nations research indicates that three-quarters of remittance funds support immediate household requirements. Contemporary digital solutions, including mobile wallets and application-based services, have significantly reduced processing times, enabling near-instantaneous access to transferred funds.
Financial technology firms have prioritized security measures through the integration of blockchain technology, enhanced authentication protocols, and sophisticated encryption methods. These advancements have bolstered public confidence in digital remittance platforms while expanding services to previously underserved populations. The GSMA has documented that sub-Saharan Africa generates two-thirds of global mobile money transactions, attributed to widespread mobile device adoption in regions with limited traditional banking infrastructure.
This technological revolution in remittance services has created more efficient and economical channels for migrant workers to support their families, strengthening economies that rely heavily on international transfers. For financial institutions like NCBA, collaborating with innovative payment providers such as Xpress Money represents a strategic opportunity to participate in this evolving ecosystem and address the sophisticated needs of their diaspora customers.
Comments
Wewe MÛRUKÎ girl,NCBA(a taxpayer loot)was bought by Ngina family.
KEEP YOUR NONSENSE WE WILL STIXK TO WAVE .RUTO IS TRYING HARD TO TAP INTO DIASPORA REMITTANCE MONEY.