ABC Bank and New York-based international money transfer service Trans-Fast have signed an agency agreement to enable Diaspora customers to send money to friends and family in Kenya.
The tie-up with Trans-Fast makes ABC Bank the first bank in East Africa to partner with the money transfer service, which has presence in 108 countries in America, Europe, Asia, Africa and Australia. The two institutions have received approval from the Central Bank of Kenya to launch the service.
ABC is banking on this new deal to solidify its position in the Diaspora remittances ecosystem at a time when Kenya’s Diaspora remittances have reached an all-time high of Sh. 129.99 billion in 2014, according to a recent report by Central Bank of Kenya.
ABC Bank offers a wide array of money transfer services, serving Kenyans living and working in America, Europe, and Middle East, enabling them to support their families in Kenya as well as invest.
“This collaboration brings added value to both ABC Bank and Trans-Fast, but more importantly, to all our customers. Together we bring fast and reliable money transfer services to more Kenyans,” said ABC Bank Group Business General Manager, Peter Kinyanjui, adding that the introduction of Trans-Fast is part of ABC Bank’s strategy for Diaspora customer acquisition and also appropriately caters for local businesses dealing with international clients.
“Kenya is an important market for inward remittances as well as growing potential for outward remittances. Kenyans working force is spread world across and Trans-Fast is well placed to cater to them across the globe”, said Samir Vidhate, Trans-Fast Director, Asia & Africa.
Trans-Fast, which has over 25 years in international money transfer service, enables customers to send money via its E-Commerce platform, TRANSFAST.com, Mobile App and in person at agent locations. Money can be deposited directly into recipients’ bank accounts, or they can pick up cash in person.
Vidhate added: This is a beginning of very important business relationship of two organizations that aim to serve Kenyan Diaspora across the globe. ABC is a highly reputed, technology oriented bank in Kenya and Trans-Fast is one of the very few remittance companies offering wide range of remittance products complimented by multiple channel of origination, in addition to ‘cash 2 cash’ and ‘cash 2 bank’ account.
Trans-Fast also offers, online originations via its e-commerce platform, and with this agreement, it is also offering its payout network in many countries, which includes Cash and Bank product.
ABC Bank also recently signed a similar agreement with international money transfer service, MoneyGram. Customers can access the service in all ABC Bank branches country wide.