Commercial bank Absa Bank Kenya Plc which was previously known as Barclays Bank Kenya Limited, has now entered into a partnership with global payments technology company; Visa to usher in a domestic and cross border remittance service.
The remittance service will enable persons to businesses payments as well as a person to person money transfers that will be seamless and carried out through Visa’s Global network.
The new domestic and cross border remittance service which is called Absa Visa Send Money will make it possible for all Absa Bank Kenya credit card holders and Absa Bank Kenya debit card holders to move the funds from their Visa Card accounts either overseas or to Visa debit cards, Visa prepaid cards, or Visa credit cards through Absa Bank Kenya’s mobile banking app, as well as through USSD.
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It is important to note however, that the highest transaction value through Absa Visa Send Money is one (1) million Kenyan Shillings. The transaction maximum cap applies to international transactions as well as domestic transactions. All transactions will executed digitally and carried out through the Visa Global networks. This means that users will not need to go to bank branches in order to carry out transactions.
Absa Bank’s Managing Director; Jeremy Awori while stating that Absa Visa Send Money is a game changer with regards to cross border money transfers made it known that, “With the rise of digital payments, this partnership strives to bring digital-first solutions and we will continue to provide services that meet our consumers’ increasing expectations for seamless and secure ways to move money globally.”
The Vice President and General Manager for Visa, East Africa; Corine Mbiaketcha stated that Absa Visa Send Money is a fast, simple and secure way for individuals to transfer their funds to Visa debit, credit, and prepaid accounts that are qualified.
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Recent data released by the Central Bank of Kenya (CBK) revealed that in May of 2022 the remittance inflows into Kenya from the diaspora came to a total of 339.7 million United States Dollars which translates to around 40.04 billion Kenyan Shillings. This is 7.6 percent increase from what was achieved in May of 2021 when it hit 315.8 million United States Dollars which translates to around 37.22 billion Kenyan Shillings.
The biggest source of diaspora remittances into Kenya is the United States (US) which as at May of 2022, accounted for fifty seven (57) percent.
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Visa also entered a partnership with telecommunications giant; Safaricom for the launch of the M-Pesa GlobalPay Visa Virtual Card. The M-Pesa GlobalPay Visa Virtual Card, will make it much easier for customers in Kenya to shop globally while also making payments online that are secure, to over 100 million merchants in more than 200 countries via the expansive worldwide network of Visa.
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