TRANSFAST partners with M-Pesa for instant deposits

Global money transfer company TRANSFAST is launching an instant deposit service with three Kenyan banks and mobile money provider M-Pesa.

TRANSFAST’s new M-Pesa service means that customers are now able to send money to their friends and family’s mobile phones in Kenya. The company also offers same-day deposits to all banks in the country. Money can be deposited directly into recipients’ bank accounts or an M-Pesa wallet, or they can pick up cash at any of the more than 1,250 convenient locations across Kenya.

Remittances are a major source of foreign exchange for east Africa’s biggest economy. In 2014, Kenyans living abroad sent home a record high of $1.43 billion, a 10.68 percent increase over 2013.

Kenyans living in North America specifically sent $677 million home in 2014, representing an increase of nine percent over 2013, and accounts for close to half of the total amount sent to Kenya.

M-Pesa is now used by over 17 million Kenyans – more than two-thirds of the adult population.

“Even if senders do not have bank accounts in the country they are sending from, TRANSFAST enables them to send direct to a bank account in Kenya, by bringing cash to an agent location,” says Samish Kumar, CEO of TRANSFAST. “TRANSFAST is committed to leveling the playing field and serving both banked and unbanked customers by offering the widest possible range of sending and receiving options.”

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