Equity eyes Diaspora cash in platform deal
By Jacktone Lawi, July 25, 2022
Equity has tapped the expertise of international remittance payment platform NALA Payments Ltd to facilitate diaspora remittances into Kenya.
The firm which is licensed in the UK and United States will allow Kenyans living in the two states (US and UK) to send money directly from their banks. “By engaging NALA as their technology partner, the bank fortifies its position in remittances by giving its customers access to simple, competitive and faster services,” said NALA chief executive Benjamin Fernandes.
Central bank data indicate that United States remains the largest source of remittances into Kenya and accounted for 59 per cent of the inflows in the month of June.
“Using fintech capabilities has given us a global presence, and as a result we have become a major processor of remittances payments around the world including across currencies,” said Robert Kiboti, Equity head of private banking, adding that payments in Africa technology helps integrates financial tools.