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28 Sep

Sending or receiving money for either payment of salaries, settlement of business transactions, payment of school fees, or for family support is common both for businesses and individuals. It requires efficient,reliable and affordable money transfer services whereby money can be deposited in one location and withdrawn in another in both urban and rural areas.

Structural weaknesses in the financial industry in Kenya, however, limit the access to money transfer services, especially in rural areas and for low-income people. This is because banks are concentrated mainly in urban centers and have conditions that constitute barriers to the use of their services; also because the cancellation of services such as the telegraphic transfers by the Kenya Postal Corporation have left fewer service options.

Generally, commercial banks are the major players in money transfer business in Kenya, servicing mainly large users and, to a smaller extent, low-income users. Among the commercial bank instruments, telegraphic transfers, electronic funds transfers and bank drafts are typically used for large value transfers, as they offer
the cheapest service for the transfer of large amounts. In addition, bank cheques are the preferred and often required means of payment for school fees. Western Union and similar services like mukuru.com are used almost exclusively to receive money rather than send it.

The findings indicate that there is an unmet demand for efficient, reliable and affordable money transfer services. This is signaled by the common use of informal means, closure or deterioration of previously well used services which have left a gap, and also by new entries into the market who can only be used to receive money and not transfer it.


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