London-based money remittance firm WorldRemit has capped transaction fee
on its mobile money services across its markets including Kenya. FILE
PHOTO | NMG
London-based money remittance firm WorldRemit has capped
transaction fee on its mobile money services across its markets
including Kenya irrespective of the amount a customer is sending.
The
move, aimed at deepening mobile money usage amidst the outbreak of
coronavirus, will see WorldRemit customers pay a flat fee of Sh105.34
($0.99) in all transactions effective immediately.
The
remittance firm has been charging customers a transaction fee of
Sh211.74 ($1.99) for customers transacting $100 (10,639) and Sh318.14
($2.99) for customers sending (Sh21,279) $200 to friends and relatives.
Those sending $1,000 (Sh106,399) have been parting with Sh637.33 ($5.99) in transaction fees.
World
Remit handles about 74 percent of remittances to popular mobile money
services across Africa such as MTN, Ecocash, Tigo Pesa, M-Pesa and
Airtel Money, making it the global leader in mobile-to-mobile
international money transfers.
“This will help connect people digitally and make remittances
affordable during this time of coronavirus crisis,” the firm’s head of
East and Central Africa Sharon Kinyanjui said of the cost cut.
Ms Kinyanjui added that apart from capping the transaction charges to Sh105.34 ($0.99), WorldRemit has partnered with Safaricom
to increase their transaction limits.
For Kenya and Africa, remittances are a key source of forex.
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