Transfast, the global money transfer company, today announced partnerships with three leading Kenyan banks for instant deposits, and the launch of M-Pesa service.
Both instant deposits and M-PESA service enable customers worldwide, online and in person, to make instant transfers to Kenya 24x7x365, including bank holidays.
In addition to the instant services, TRANSFAST offers same-day deposits to all banks in Kenya.
Instant deposits are available at three leading banks: African Banking Corporation, Chase Bank Kenya and Dubai Bank Kenya Ltd.
According to Kenya's Central Bank, in 2014, Kenyans living abroad sent home a record high of $1.43 billion, a 10.68 percent increase over 2013. Remittances are a major source of foreign exchange for east Africa's biggest economy, and by expanding its proprietary network, TRANSFAST aims to best serve Kenyans working abroad. Kenyans living in North America sent $677 million home in 2014, according to Kenya's Central Bank. That represents an increase of nine percent over 2013, and accounts for close to half of the total amount sent to Kenya.
TRANSFAST's new M-PESA service means that TRANSFAST customers are now able to send money to friends and family in Kenya, directly to their mobile phones.
M-PESA, Kenya's mobile money system, is now used by over 17 million Kenyans -- more than two-thirds of the adult population -- according to The Economist magazine. Some 25% of the country's gross national product flows through M-PESA, which lets people transfer cash using their phones.
"Our breakthrough technology is enabling our customers to send money to all banks in Kenya from a mobile device, online or in-person at an agent location," says Roshan Polepalli, VP of TRANSFAST.com.
Money can be deposited directly into recipients' bank accounts or an M-PESA wallet, or they can pick up cash at any of the more than 1,250 convenient 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," says 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."