- Absa Bank Kenya partners with Visa to launch a domestic and cross-border remittance service
- The solution will allow seamless person-to-person money transfers and persons-to-businesses payments via the Visa Global network
- Absa debit and credit cardholders can transfer funds from their Visa Card accounts to any overseas or domestic Visa debit, credit, or prepaid cards
Absa Bank Kenya has partnered with a global payments technology platform Visa to launch a domestic and cross-border remittance service.
The Absa Visa Send Money solution will allow seamless person-to-person money transfers and persons-to-businesses payments via the Visa Global network.
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.
According to the partners, Absa customers will only need to enter the beneficiary’s Visa card details or linked mobile numbers to complete the fund’s transfer in a quick and secure manner.
The service allows customers to transact at scale, with a maximum transaction value of KSh 1 million, for both domestic and international transactions.
The partners said the service will ensure safety. It also eliminates the need to go to an Absa branch to fill out or re-enter pre-registered information. Absa Bank Customers will also be able to send out money to their families for school fees, medical care, shopping or trade partners within and out of the country.
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. 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,” said Awori.
“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.”
Vice President and General Manager for Visa, East Africa, Corine Mbiaketcha said that Visa Direct is a simple, fast and secure way for individuals to transfer funds directly to eligible Visa debit and prepaid accounts.
“We strive to help make a difference in people’s lives by innovating to remove friction from traditional and time-consuming money-movement processes. We are proud to partner with Absa and support their ambitions to lead the Kenyan banking industry with the latest digital solutions.”
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 KSh 66.1 trillion in 2022 as part of the post-pandemic recovery, according to the World Bank.
According to a Central Bank of Kenya report, Kenya is currently ranked third among Sub-Saharan Africa’s largest recipients, trailing only Nigeria and Ghana, with a total of KSh 421.6 billion remitted by Kenyans living abroad in 2021.
In a related story, the digital payments company, DPO Group, has announced three new partnerships in Africa.
The company will now work with the Bank of Kigali in Rwanda to support the merchants’ e-commerce needs and with Mastercard in Ghana. It has also acquired a license from the Central Bank of Nigeria
DPO’s partnership with Mastercard will enable businesses in Ghana to offer their customers more superb choices and convenience by accepting digital payments in the currency of their choice, including mobile money.
The partnership offers seamless and secure payments via e-wallets that function locally and abroad. The two businesses recently collaborated to deliver a training session for entrepreneurs in the country.
The partnership of DPO with the Bank of Kigali will allow the offering of digital payment services to its existing business customers. Many new online merchants will join the bank to take advantage of the new service by DPO.