NAIROBI: ABC Bank has launched a money remittance service for transfers from Kenya to India, as part of its growth and expansion strategy. The service dubbed iRem will be used to send money from Kenya using Indian currency, the Rupee.
Initially, the service will be one way, and is available to customers and non-customers for personal, business to business and business to customer cash transfers.
“Remittances between the two countries are increasing in direct proportion to the growing socio-economic activity, hence the need for reliable and cost effective funds transfer solutions,” said ABC Bank group general manager, Peter Kinyanjui in a statement.
The bank said its strategy is to tap in to the increasing trade between the two countries. India’s exports in to Kenya stood at $ 4.11 billion (Sh 42.7 trillion) in 2014-2015 financial year, according to information from the India high commission in Kenya website. Several Indian firms have invested in the telecommunications, petrochemicals and chemicals, floriculture and healthcare services in Kenya.
