Nairobi based money transfer and payments company, Continental Money Transfer has emerged as a viable option allowing Kenyans in the UK to make instant money transfers to the country.
The UK-Kenya money transfer corridor is ranked second by the Central Bank of Kenya after North America in diaspora remittances.
World Bank’s ‘Migration and Remittances Fact book 2016’ cites Kenya among the highest recipients of remittances in 2015. This is a 16.5 per cent increase from 2014’s Sh139 billion ($1.5 billion).
According to the report, “Top 10 remittance recipients in 2015 ($US billions): Nigeria ($20.8bn), Ghana ($2.0bn), Senegal ($1.6bn),Kenya ($1.6bn), South Africa ($1.0bn), Uganda ($0.9bn), Mali ($0.9bn), Ethiopia ($0.6bn), Liberia ($0.5bn),Sudan ($0.5bn)
Top 10 remittance senders in 2014 ($US billions): Angola ($l.3bn), South Africa ($1.1bn), Liberia ($O.4bn), Uganda ($0.3bn), Mozambique ($0.2bn), Mauritania ($0.2bn), Kenya ($0.2bn), Rwanda ($O.lbn), Tanzania ($O.lbn), Zambia ($O.lbn).”
CBK data states that, “Remittance inflows to Kenya in January 2016 increased by 19.9 percent to USD 137.5 million compared to USD 114.6 million in January 2015.”
September, 2015 Kenyans from the Diaspora had sent in about Sh116 billion an increase by 0.9 per cent to $128.4 million compared to $127.4 million recorded in September 2014, but decreased by 3.4 per cent in relation to inflows in August 2015.
Continental Money Transfer is optimistic that it will fully tap into the huge market provided by the UK-Kenya corridor through its low fees and guaranteed competitive exchange rate. These, compared to its local and global competitors will prove attractive to Kenyans living in the UK sending money home.
In a statement to their customers, CMT’s Chief Executive Officer Njuguna Kirubi, “We at Continental Money are glad to announce that our turnaround time has reduced to an instant! Not only are our rates the most competitive in the market but we are now faster and more efficient. We aim to perfect our delivery.”
Besides the affordability, CMT prides itself in enabling remittances both fast and secure. Plus, they have competitive fees with no hidden cost with multiple receiving options – mobile wallets, bank accounts and cash pick-ups – at the convenience of the recipients.