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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.

 
 

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