Cash, M-Pesa

TRANSFAST Enables Instant Money Transfer to Kenya

March 6, 2015         By: Melanie Macinas

New York-based money transfer and payments company, TRANSFAST, has connected M-Pesa in Kenya and teamed up with three major Kenyan banks, allowing customers worldwide to make instant money transfers to the country.

Instant deposits are now available at Dubai Bank Kenya Ltd, Chase Bank Kenya, and African Banking Corporation. TRANSFAST is also offering same-day deposits to all Kenyan banks.

With a proprietary network that covers over 100 countries in Africa, the Americas, Asia, and Europe, TRANSFAST is further expanding its network in Kenya to better serve Kenyans working overseas.

According to Kenya’s Central Bank, Kenyans living abroad sent home $1.43 billion in 2014, an increase of 10.68 percent from the previous year. Remittances from Kenyans living in North America reached $677 million last year, up 9 percent from 2013.

Meanwhile, the M-Pesa service allows Kenyans working abroad to send money to their loved ones back home, directly to their mobile phones.

More than 17 million Kenyans, or more than two-thirds of the adult population, are now using M-Pesa, the leading mobile money system in the country.

Senders have the option to either deposit money directly into the recipient’s bank accounts or an M-Pesa wallet, or let the receiver pick up cash at any of the more than 1,250 agent locations across Kenya.

“Even if senders do not have bank accounts in the country they are sending from, TRANSFAST enables them to send direct to a bank account in Kenya, by bringing cash to an agent location,” said Samish Kumar, CEO of TRANSFAST.

“TRANSFAST is committed to leveling the playing field and serving both banked and unbanked customers by offering the widest possible range of sending and receiving options.”