BUSINESSNews

Fintech Company WorldRemit Ranks Kenya Among its Top 3 Markets In Africa


WorldRemit, a global money transfer company with a presence in over 130 countries has placed Kenya among its top 3 African markets.

In a press release sent to newsrooms globally to mark International Day of Family Remittances, the London-based firm said it had processed transactions to Kenya amounting to 170 million GBP (Ksh 24.47 billion) as of June 1st, 2022.

While Nigeria ranked the first with transactions worth Nigeria- 270 million GBP(Sh38.86 billion), Kenya and Zimbabwe tied at position two on the African list.

Here is a full list of send volumes in top African countries as shared by WorldRemit

  1. Nigeria- 270 million GBP (Sh38.86 billion).
  2. Kenya& Zimbabwe – 170 million GBP (Sh24.47 billion)
  3. Ghana– 140 million GBP (Sh20.87 billion)
  4. Uganda– 100 million GBP (Sh14.39 billion)
  5. Cameroon– 75 million GBP (Sh10.79 billion)
  6. Tanzania– 60 million GBP (sh8.63 billion)
  7. South Africa & Somaliland – 55million GBP (Sh7.91 billion)
  8. Rwanda– 40 million GBP (Sh5.85 billion)

The global remittance firm was founded in 2009 and facilitates money transfers in over 70 different currencies globally.

In Kenya, the company facilitates bank transfers, M-Pesa and other mobile wallets. Recipients can also collect cash pick up in selected banks and financial institutions and also make airtime top-ups on their phones.

Remittances from abroad have provided an avenue for growth for various fintech startups that seek to provide cheaper and faster options for migrants.

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Simon W Nderitu

Simon is a tech enthusiast who keeps a close eye on emerging technologies, startups and the general business environment. You will often catch him totally immersed and drooling over Artificial Intelligence, Machine Learning, Virtual Reality, Augmented Reality, IoT and just about any other tech that promises to revolutionize the way we live. Send tips to snderitu@techtrendske.co.ke

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