KENYA – Absa Bank Kenya, a commercial bank, has partnered with global payments technology platform Visa to launch a domestic and cross-border remittance service that will allow seamless money transfers across people and businesses via the Visa Global network.
Dubbed, Absa Visa Send Money, the solution will allow Absa debit and credit cardholders to transfer funds from their Visa Card accounts to any overseas or domestic Visa debit, credit, or prepaid cards via the Hello Money USSD and Absa mobile banking app.
Customers will only need to enter the beneficiary’s Visa card details or linked mobile numbers to complete the funds transfer in a quick and secure manner.
“We strive to help make a difference in people’s lives by innovating to remove friction from traditional and time-consuming money-movement processes,” Vice President and General Manager for Visa, East Africa, Corine Mbiaketcha said.
“We are proud to partner with Absa and support their ambitions to lead the Kenyan banking industry with the latest digital solutions.”
The service will have a maximum transaction value of KSh1 million (US$8,488.75), for both domestic and international transactions.
Speaking during the launch, Absa Bank’s Managing Director Jeremy Awori described the solution as a game changer in cross-border money transfers, allowing customers to complete transactions within the bank’s digital platform in a matter of seconds.
“We are excited to have partnered with Visa as we avail this innovative customer proposition, the latest addition to our growing portfolio of services and solutions launched to deliver faster, more secure, and convenient remittance processes for Absa customers,” said Awori.
“The new remittance service is designed to simplify Absa customers’ remittance experience allowing them to enjoy near real-time fund transfers to friends and families overseas.”
“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.”
This partnership comes at a time when remittances to low and middle-income countries like Kenya are expected to rise by 2.2 per cent to KSh66.1 trillion (US$561.11bn) in 2022 as part of the post-pandemic recovery, according to the World Bank.
According to WorldRemit, Kenya is currently ranked third among Sub-Saharan Africa’s largest remittance recipients, trailing only Nigeria and Ghana, with a total of KSh421.6 billion (US$3.58bn) remitted by Kenyans living abroad in 2021.