Dr.James Mwangi, Equity Bank Group chief executive officer (CEO) and managing director CC image courtesy of whiteafrican on Flickr
Kenya’s Equity Bank has partnered United Kingdom (UK) firm VFX Financial to allow individuals and corporates in the UK to money to any Equity account through real-time, cross border, multi-currency money transfer service Equity Direct.
The companies said the online portal allows customers to access competitive foreign exchange rates with affordable money transfer costs.
“We are delighted to deliver such a convenient and transparent low cost remittance solution which results in more money arriving to Kenya from the UK faster and easily” said Nick England, chief executive officer (CEO) of VFX.
“The uptake of Equity Direct during the pilot phase has been very high. UK residents have been able to remit millions of shillings in the last three months of piloting. We therefore are positive this is what the market has been waiting for. A low cost remittance solution.”
England said VFX has ensured Equity Direct is flexible enough to allow remittances of GBP10 (US$16.80) and below.
“Equity Bank is a key player in facilitating remittance to Kenya. We want our customers in and out of the country to have the different options of remittance that is most convenient to them,” said Dr James Mwangi, group CEO of Equity Bank.
“Equity Direct is focusing on the UK market as the UK is one of key remittance corridors for Kenya. Equity Group has invested heavily in creating infrastructure for diaspora remittances, and banking and transaction processing by connecting to all global payment systems as a result of installing a robust system that allows for the innovation of products and services that deliver convenience and affordability to our customers both locally and abroad.”
