Absa Bank Kenya has partnered with financial and payment card company Visa to launch a domestic and cross-border remittance service dubbed Absa Visa Send Money.
The service allows Absa debit and credit cardholders to transfer funds from their Visa Card accounts to any overseas or domestic Visa debit, credit, or prepaid cards via the Hello Money USSD and Absa mobile banking app.
The maximum transaction value under the partnership is Ksh 1 million for domestic and international transactions.
All transactions will be digital and facilitated via Visa Global networks, eliminating the need to go to a bank branch.
“With the rise of digital payments, this partnership strives to bring digital-first solutions. We will continue to provide services that meet our consumers’ increasing expectations for seamless and secure ways to move money globally,” says Absa Bank’s Managing Director, Jeremy Awori.
.@jeremyawori, our MD. This partnership comes against the backdrop of a period of great change in the payments space. Since the onset of Covid-19, we have witnessed increased usage and adoption of electronic and e-commerce transactions globally. #AbsaVisaSendMoney #PamojaTunawiri pic.twitter.com/hwz4Q84VFB
— Absa Bank Kenya (@AbsaKenya) June 28, 2022
Vice President and General Manager for Visa, East Africa, Corine Mbiaketcha, the solution is a simple, fast and secure way for individuals to transfer funds directly to eligible Visa debit and prepaid accounts.
.@CMbiaketcha, VP and General Manager for Visa, East Africa. Working together with partners like Absa is what enables us to create the next generation of commerce and payments experiences to serve the needs of our customers. #AbsaVisaSendMoney #PamojaTunawiri pic.twitter.com/Hs8T7his6X
— Absa Bank Kenya (@AbsaKenya) June 28, 2022
The latest data from the Central Bank of Kenya shows that diaspora remittance inflows to Kenya in May 2022 totalled US$ 339.7 million compared to US$ 315.8 million in May 2021, a 7.6 per cent increase.
The US remains the largest source of remittances into Kenya, accounting for 57% in May 2022.
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