For most Kenyans living abroad, sending money back home can at times be a costly and a complicated ordeal. Traditionally, most of these Kenyans in the diaspora have always relied on traditional banking methods and other money transfer operators to send their remittance.
Using these financial service providers has however been costly. The senders have always found themselves spending a huge percentage of the money as transaction charges meaning the family and friends they send money to receive less money.
Fintechs are however disrupting this space now by offering cheaper alternatives for people to send and receive money. These fintech companies like Upesi Money Transfer are taking aim at the steep cost of international money transfer.
Recent data from the Central Bank of Kenya (CBK) shows that diaspora inflows in the country rose to Ksh30.4 billion ($295.3 million) in June compared to Ksh25.1 billion ($243.2) in May. This is the highest amount ever. Fintech companies played a huge role in this, providing a faster and reliable alternative for people in the diaspora to send money back home.
Fintechs are doing this by offering the following consumer benefits to their customers:
- Faster Rate of Approval.
Fintechs have reduced the amount of time it takes before a transaction is approved. Sending and receiving money can be done within 24 hours.
Fintechs like Upesi Money Transfer are making great use of technology to enhance the efficiency and convenience of transactions. By using their smartphones or computers, customers are able to send money in a simple way. Fintechs are providing a better customer experience.
- Personalized services
Other than enjoying lower operating costs, fintechs are also able to respond to consumer’s individual needs since they have greater access to a wide range of information about them.
- Advances Security
Fintechs have made massive investments in technological security solutions. Sending money using Upesi Money Transfer, for example, consumers are assured that their data and even money is safe.
Upesi Money Transfer also gives its customers the advantage of lower premiums than those associated with traditional banks.
If you want to know more about how you can benefit from Upesi’s international money transfer services . Call them now on 0709 650 000 or visit their website www.upesi.co.ke for more details.