Sending money to Kenya online has been reported by the Central Bank of Kenya (CBK) as one of the growing markets that are aiding the natives to overcome their fundamental needs and lead an overall better quality of life. This support is increasing every year at an astounding 30% and sometimes even more than that. This not only improves the quality of life of the native Kenyans but also keeps the currency, i.e. Kenyan Shilling, strong in the international market. With this flourishing market, Kenyan diaspora, sending $1.57 billion in the previous year is constantly looking for better alternatives to send money to Kenya.
The outdated international transaction fees of banks along with an absurd amount of processing time encourages the remitters to search for other alternatives. In the meantime, to overcome this problem, even the rise of International Money Transfer Operators (IMTOs) has established a new market altogether – the Bidding market. So, a customer is left with little but no choice rather than choosing speed or affordability. This is where FAZRemit comes in. To transfer money to Kenya, all one needs to do on our platform is to follow 3 simple procedures:
- Register and complete the document verification
- Log in to your dashboard and add a recipient with a Kenyan bank account
- Send the payment
Send Money to Kenya from US
Due to positive efforts by the Kenyan Government, in 2011, the overall economy of the country took a boost as for the first time, per capita income crossed US$800. Although, when one looks at the chart, it seems as if the remittances took a fall during that period but on the contrary; it was Kenya’s retail, wholesale, transportation, and all other private as public services that accounted for an overall 58% of its GDP. Therefore, underestimating the potential of a nation, receiving more than $2.3 billion worth remittances from across the world that constitutes 5% of its overall GDP today, would not be wise.
Apart from being a huge transporter under African Groth and Opportunity Act (AGOA) terms, which adds more than US$300 million to the country, Kenya is also a major remittance destination in the US-Kenya corridor. Kenyan government’s efforts to provide favorable taxes and to remove duties on raw materials and capital equipment has encouraged the United Kingdom to invest in their industrial sector making the United States the next biggest investor. Therefore, online money transfer from USA to Kenya has been a promising deal for investors and looks like it would continue to do so for a country that, as per the KCB, is expected to witness an estimated 6 percent GDP growth for which remittance inflows will be playing a key role.
Why Choose FAZRemit?
Because of the risks involved in international money transfers, government agencies, as well as international organizations, have mandated financial institutions to follow strict AML/CFL laws. This has resulted in de-risking and de-banking. However, all of this can be avoided by the individuals as well as businesses if an international payment service provider highly secured, transparent and accountable platform that provides feasible services with the ease of service. This is where FAZRemit stands out of the rest. We facilitate the fastest, cheapest and most affordable online money transfer from USA to Kenya.
To send money to Kenya from USA, register on FAZRemit today and experience the service that you deserve and aspire for!