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Archive for November, 2010

Orange Money

09 Nov

As part of its business strategy of adding value to its customers, Orange has partnered with Equity Bank to offer customers a money transfer service that offers them convenience in their financial transactions and management of their bank accounts,. Pitted as the most versatile service in the market so far, Orange Money combines the features of mobile money transfer products and mobile banking.

The new product will be powered by Equity Bank’s mobile money transfer platform- Easy 24-7, following the signing of a strategic partnership between the telecommunications giant and the bank, aimed at deepening financial access to the majority of Kenyans.

The service is mapped onto the customers’ bank accounts, making it possible for the customers to literally run their accounts from their mobile handsets, with the accounts security aligned to that of the bank. This will facilitate interbank transfers and apply for loans using the service, for Orange Money customers.

The strategic partnership between the two organizations aimed created synergies that enabled the technological enhancements that were integrated into the Orange Money product to make it the most versatile, functional, secure and easy to use money transfer service in the market. The partners also intend to build a joint distribution network with over 20,000 agents countrywide by the end of the first year.


UBA to offer a revolutionary money transfer

08 Nov

Intra-Africa trade is set to receive a boost after one of Africa’s largest banks United Bank of Africa, unveiled a revolutionary money transfer service that will significantly reduce the transaction cost of sending money across the continent.

Mr. Manz Denga UBA Kenya’s Managing Director confirmed that Business is severely hampered by the high cost of sending money across Africa.Most Financial transactions originating and terminating in Africa have traditionally been sent to banks in Europe and America for approval and this has increased trade transactions in Africa because many financial intermediaries are involved.

UBA hopes to leverage its presence in 16 African countries to ensure same day completion of Intra Africa transactions. The bank hopes to tap into the 25 US billion per year money transfer industry by offering real time transfers as well as payment in local currencies.


Preffered banks by Kenyans sending Money Home

01 Nov

Equity and Barclays are the most preferred banks by Kenyans sending remittances from abroad, but the Western Union money transfer service handles the bulk of cash sent from diaspora, a World Bank survey has shown.

Both banks handled an estimated Sh42.6 billion (14 per cent each) of the total Sh152 billion that was sent home last year by Kenyans living abroad, the joint survey with Central Bank of Kenya released on October 19 shows.

Western Union accounted for 31 per cent (Sh47.1 billion) of the total remittances, while Money Gram, Co-operative Bank (six per cent each) and Post Bank (five per cent) are the other preferred money transfer service providers.

Kenyan bank managers said they are strengthening ties with international lenders as well as money transfer service providers with a view to tapping into the soaring cash remittances to bolster commission incomes and deposits.The banks also pocket foreign exchange gains from the transfer services.

KCB has a relationship with over 200 correspondence banks globally that allows it to facilitate international transactions and customers look for banks that have a wide branch network spreading out to the rural areas, adding that KCB’s presence in Southern Sudan, Tanzania, Uganda and Rwanda gives it an edge over competitors as it makes it easier for many eastern Africa residents living abroad to send money home.Most of KCB’s remittances come from the United States of America, United Kingdom, Germany and Denmark.PostBank has been riding on its partnership with Western Union and MoneyGram, besides benefiting from its wide network of 92 branches, according to manager the for money transfer services.

These banks have a wide local branch network, making it convenient for customers to transfer money and withdraw from the same bank.