Kenyan entrepreneurs and contractors selling goods and services to small and medium-sized enterprises (SMEs) in the U.K. can now receive payments faster and more conveniently following the launch ofWorldRemit for Business (https://bit.ly/2WBd2dv).
Launched by leading digital remittances firm WorldRemit,the new service enables U.K.-based SMEs to quickly pay their employees and contractors in 150 countries worldwide, including fast-growing emerging markets such as Kenya, Ghana, and South Africa. The new service will first be available to U.K.-registered businesses.
For Kenyan entrepreneurs and contractors doing business with clients in the U.K., this service will lead to significant time and cost savings. Traditional bank payments, which are still the dominant international transfer method for businesses sending money abroad to Kenya, can take up to a week, and often incur high fees and exchange rates. In contrast, WorldRemit’s low fees and exchange rates are shown up-front and customers can send money easily via the app or website.
Additionally, transfers to Kenya are processed within 24 hours or less and local entrepreneurs can receive payments via bank account, mobile money or cash pick-up—whichever method is most convenient for them. Users sending funds to Kenya can easily track their transfers in real-time on the WorldRemit app and opt-in to receive daily exchange notifications to send money at the optimal time.
The U.K. is one ofKenya’s most important trading partners (https://bit.ly/2R9YJGE), with Kenya mainly exporting tea, coffee and horticultural products. However, with the advent of digital technologies such as e-commerce, smaller entrepreneurs have been able to capture a growing share of U.K.-Kenya trade, especially in the service sector. WorldRemit for Business will enable this new class of digital savvy Kenyan entrepreneurs to get paid quickly and securely.
WorldRemit customers complete over 1.4 million transfers every month from over 50 countries to 150 destinations using its app or website and remains committed to providing innovative solutions to meet money transfer needs across the world. Earlier this year, the company announced new partnerships with NIC Bank and Gulf African Bank to further solidify its vast partnership network.