Xpress Money sees a 14% growth in mobile remittances from UAE to Kenya in the last 2 years

~ Money transfers from UAE to mobile wallets in Kenya are 50% cheaper than other modes ~

Owing to its convenience and lower remittance costs, international money transfers to mobile wallets in Kenya have been soaring high in the last few years. Xpress Money has seen a 14% increase in the mobile wallets business in the UAE in the last 2 years alone. The brand forecasts an additional increase of 5% by the end of 2017.

Mobile payments are growing worldwide, with the number of active users expected to hit 450 million in 2017. A new World Bank report released in 2017 indicates that mobile wallets have emerged as the cheapest way of conducting a remittance transaction, at fees averaging 3.73% . Kenyans overseas are increasingly realizing the convenience that mobile wallets offer to their beneficiaries back home. In addition to convenience, the affordability of the service has also drawn their attention as they can save the extra money and send it to their families in Kenya.

Commenting on the increasing demand of mobile wallet services, Arundhoti Banerjee, Associate Vice President – Strategy & Digital, Xpress Money, says “m-Pesa has become an indispensable tool for Kenyan expats remitting from overseas. Mobile wallets create transfer corridors that are more agile and affordable when compared to conventional remittance streams. A process of disintermediation lowers costs by shortening the transaction value chain. Xpress Money is very aware of the power of mobile wallet services in offering customers lower fees, financial inclusion and greater convenience. Mobile wallets are particularly advantageous in markets where bank growth and physical branches haven’t kept pace with large audiences and extended geographies – such as in Kenya. We are constantly investing in the mobile services space – either through in-house innovations or by partnering with existing providers with proven technologies. Xpress Money is committed to providing money transfer solutions that help us better serve our customers.”

http://www.statista.com/statistics/226539/mobile-payment-user-figure-forecast/

https://remittanceprices.worldbank.org/sites/default/files/rpw_report_march_2017.pdf

About ‘Xpress Money’:

Incorporated in 1999, ‘Xpress Money’ is a global money transfer brand with a thriving presence in more than 170 countries across the globe through partnerships that have a network of over 200,000 locations. It is one of the most dependable and renowned international money transfer brands across the globe. ‘Xpress Money’ provides customers convenient, simple and secure ways to transfer money across geographies. Its widespread network is strengthened by collaborations with renowned organizations that include international money transfer operators (IMTOs), banking as well as non-banking institutions, retail chains, online remittance players and fintech companies. Xpress Money’s state of the art compliance and security policies ensure customers a secure and hassle-free money transfer process.

Xpress Money is part of Finablr, a global platform for Payments and Foreign Exchange solutions. With deep regulatory know-how, technology expertise and industry leading partnerships, Finablr companies provide a broad array of tailored and trusted financial solutions for consumers and businesses. With a global reach spanning 170+ countries, Finablr companies processed over 150 million transactions in 2018, managing nearly USD 115 billion for customers.

For more information, follow us on Facebook: www.facebook.com/XpressMoney, Twitter: @Xpress_Money LinkedIn: https://www.linkedin.com/company/xpress-money-services-ltd/ or visit www.xpressmoney.com

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