Transfast has upped its game in Kenya, offering instant deposits to three banks in the country and connecting its service with M-Pesa mobile money accounts, a poster child for mobile payment success.
The banks offering instant deposits are African Banking Corporation, Dubai Bank Kenya Ltd. and Chase Bank Kenya. Transfast offers same-day deposits at all other Kenyan banks. Funds can be sent immediately to an M-Pesa wallet as well. More than two-thirds of the adult Kenyan populationmore than 17 million peopleuse M-Pesa.
Kenyans living abroad sent $1.43 billion back home in 2014, a nearly 11% increase from 2013, according to Kenyas Central Bank. The Kenyans living in North America sent $677 million home in 2014, a 9% increase from the year before, the central bank said.
Money senders do not have to have bank accounts to send instant deposits. Instead they can bring cash to more than 1,250 agent locations throughout Kenya; recipients can also pick up cash at these locations.
"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," said Samish Kumar, CEO of Transfast, in a March 5 press release.