In Brief: ABC Bank inks deal with US firm to up diaspora remittances

ABC Bank and US money transfer service Trans-Fast have signed an agency agreement to enable diaspora customers easily send money to Kenya.

Trans-Fast has a presence in 108 countries in America, Europe, Asia, Africa and Australia. The two institutions have received approval from the Central Bank of Kenya (CBK). ABC is banking on the new deal to solidify its position in cash transfers, at a time when diaspora remittances to Kenya have grown tremendously.

They reached Sh129.99 billion in 2014, according to a recent report by CBK. “This collaboration brings added value to both ABC Bank and Trans-Fast, but more importantly, to all our customers. Together, we bring fast and reliable money transfer services to more Kenyans,” said ABC Bank Group Business General Manager Peter Kinyanjui.

Kinyanjui said the introduction of Trans-Fast is part of ABC Bank’s strategy for diaspora customer acquisition and also caters for local businesses dealing with international clients. “Kenya is a key market for inward remittances as well as growing potential for outward remittances. Kenya’s work force is spread across the world and Trans-Fast is well placed to cater to them across the globe,” said Trans-Fast Director for Asia and Africa Samir Vidhate.

Trans-Fast offers cash-to-cash and cash-to-bank services and online origination via its e-commerce platform.

ABC Bank recently signed a similar agreement with international money transfer service MoneyGram to enable customers access services country-wide.