Absa Bank Kenya has teamed with global payments technology platform Visa to offer a domestic and cross-border remittance service that will enable frictionless money transfers between individuals and businesses using the Visa Global network.
Dubbed Absa Visa Send Money, the innovation will enable Absa debit and credit cardholders to transfer funds from their Visa Card accounts to any overseas or domestic Visa debit, credit, or prepaid card via the Hello Money USSD and Absa mobile banking app.
To complete the cash transfer quickly and securely, customers will only need to submit the beneficiary’s Visa card details or associated mobile numbers.
The maximum transaction value for both local and foreign transactions will be Sh1 million.
Jeremy Awori, Managing Director of Absa Bank, highlighted the solution as a game changer in cross-border money transfers, allowing consumers to execute transactions within the bank’s digital platform in 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: “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.”
According to the World Bank, remittances to low and middle-income countries like Kenya are expected to increase by 2.2% to Sh66.1 trillion in 2022 as part of the post-pandemic recovery.
Kenya is now ranked third among Sub-Saharan Africa’s major remittance recipients, after only Nigeria and Ghana, with a total of Sh421.6 billion remitted by Kenyans living abroad in 2021, according to WorldRemit.
This is Visa’s second partnership in less than a month, following a similar engagement with top telecommunications operator Safaricom.
