According to recent data from the Central Bank of Kenya (CBK), 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.
As we have indicated in previous blog posts, banks played a part in this, but the arrival of fintech players is changing the international remittance or money transfer space for the better.
With a noticeable and increase in alternatives, fintech has given people wishing to transfer money back home or overseas a number of benefits. Upesi, for example, is a homegrown African solution that enables efficient, reliable and affordable global money transfer. Here are 4 things fintech service providers like Upese have done to for international transfers.
- The speed factor
Unlike banks which take days to process international money transfers, fintech companies are leveraging technology to process transfers quicker than before. Sending money to a bank in a different might take days. Fintech companies have reduced this period and money can be sent and delivered within hours.
- Transfers can be done online or on the phone and from anywhere
With access to a smartphone and internet-enabled computers, one can make fund transfers practically from anywhere. Some fintech also let you initiate the transfer by simply speaking to their customer service agents or brokers over the phone.
- Less dependence on banks
Well, fintechs have not been able to entirely get rid of banks but they have reduced our dependence on them. Traditional, any transaction related to money had to be done through banks, fintech is, however, turning it to be better options when doing international money transfers.
- Pickup locations
Fintech companies are making inroads when it comes to transfers that involve cash pickups. Using Upesi Money transfer, for example, you can pick your cash from any of our branches or partners in Kenya, Uganda, Ethiopia and the United Kingdom.
There’s no doubt that fintech is changing the international money transfer space, thanks to the advancement in technologies. People can send money easily and from the comfort of their homes or from anywhere.
If you want to know more about how you can benefit from Upesi’s international money transfer services you can check out their website here.