Kendy Money Transfer, a Pan African Remittance Service provider has launched its service in the country.
Kendy is the brand product of Kendy Money Transfer Ltd, an African money transfer company offering a bouquet of solutions to send money and make payments in Africa and abroad. Kendy is affiliated to Connect Africa Payments, registered in Mauritius.
Kendy is one of the money transfer companies recently issued with a license by Central Bank of Kenya.
Mrs. Caroline Cherotich Rukaria, G.M, said Kendy is looking at leveraging on innovative money transfer options to reduce costs and increase penetration within Africa.
“We have already established a presence in several locations in Kenya, where our customers can access our various services. This is an ongoing exercise,” said Mrs Rukaria
Mrs Rukaria said the firm plans to widen its network and service delivery through partnering with licensed financial institutions such as banks, forex bureaus and mobile cash agents.
The company cross transfers remittances between the following countries: Kenya, Uganda, Tanzania, Ethiopia, Mali, Guinea Bissau, Benin, Togo, Senegal, Ivory Coast, Niger, Mauritania, Ghana and Gambia and the Kendy network continues to grow.
Some of the services provided by Kendy Money Transfer to recipients include: transfers to cash, bank deposit, mobile wallet, and bill payments.
Mrs Rukaria said the potential for Africa remittance is huge as the market in Africa remains relatively underdeveloped. “Africa has a huge share of cross-border remittances flowing through informal channels and significantly higher remittance costs, than most parts of the world,” said Mrs Rukaria.
Kenya is a key remittance market as it receives, on average, 60 percent of remittances to East Africa and an average of 10 percent of all remittances to the Sub-Saharan region.
According to the Central Bank of Kenya, remittances to Kenya increased by 8.6 percent, to USD 119.7 million in May 2014 compared to USD 110.1 million in May 2013. Europe and North America account for approximately 75 percent of remittance inflows while the rest of the world (including Africa) account for the balance.
Mrs Rukaria said that though the company focuses on Pan African remittances, in its various markets it is rolling out domestic services as well.