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    Mawingu Networks secures $9 million in funding for rural internet expansion in Kenya

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    Reed Hastings steps down as Netflix CEO

    Reed Hastings steps down as Netflix CEO

    Apple unveils new Mac Mini with M2 and M2 Pro for enhanced performance

    Apple unveils new Mac Mini with M2 and M2 Pro for enhanced performance

    High Court orders suspension of bank to MPesa charges

    High Court orders suspension of bank to MPesa charges

    Government announces plan to manufacture smartphones for under KES 5,000 by year-end

    Government announces plan to manufacture smartphones for under KES 5,000 by year-end

    Safaricom’s Fuliza subscribers can now withdraw their limit at MPesa agent shops

    Safaricom’s Fuliza subscribers can now withdraw their limit at MPesa agent shops

    Microsoft exploring integration of OpenAI’s GPT technology into Office apps

    Microsoft exploring integration of OpenAI’s GPT technology into Office apps

    YouTube to allow creators to monetize Shorts content starting February 1

    YouTube to allow creators to monetize Shorts content starting February 1

    Safaricom launches 5G Wi-Fi service, starts at KES 3,499

    Safaricom launches 5G Wi-Fi service, starts at KES 3,499

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    Apple unveils 14-inch and 16-inch MacBook Pro with M2 Pro and M2 Max chips

    Complete list of Macs that will run macOS Ventura

    Complete list of Macs that will run macOS Ventura

    Apple unleashes new MacBook Pros with powerful chips, more ports and a notch

    Apple unleashes new MacBook Pros with powerful chips, more ports and a notch

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    Laptop buying mistakes you should avoid

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    Lenovo X1 Carbon 5th Generation Review: just good enough

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    Samsung’s Galaxy S23 Unpacked event: All you need to know

    Samsung’s Galaxy S23 Unpacked event: All you need to know

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    TECNO launches PHANTOM X2 Series with retractable portrait lens in Kenya

    Samsung’s first 2023 Galaxy A series phone comes with 5G, and it’s cheap

    Samsung’s first 2023 Galaxy A series phone comes with 5G, and it’s cheap

    Tecno announces Eliud Kipchoge as brand ambassador for PHANTOM X2 Series

    Tecno announces Eliud Kipchoge as brand ambassador for PHANTOM X2 Series

    TECNO Mobile opens pre-orders for Phantom X2 smartphone series in Kenya

    TECNO Mobile opens pre-orders for Phantom X2 smartphone series in Kenya

    Xiaomi Redmi A1+: Best budget smartphone in 2022?

    Xiaomi Redmi A1+: Best budget smartphone in 2022?

    Tecno Camon 19 Pro Mondrian Edition launches in Kenya for KES 35,000

    Tecno Camon 19 Pro Mondrian Edition launches in Kenya for KES 35,000

    All you need to know about the new iPhone 14 lineup

    All you need to know about the new iPhone 14 lineup

    Xiaomi 12S Series flagship features a huge 1-inch sensor

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Absa Bank and Visa partner to develop solution for seamless cross-border payments

Brian Murimi by Brian Murimi
June 28, 2022
in News
Reading Time: 2 mins read
A A
Absa Bank and Visa partner to develop solution for seamless cross-border payments

Visa Vice President and General Manager for East Africa Corine Mbiaketcha Nana and Absa Bank CEO Jeremy Awori

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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.

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Report: Over 97% of Kenyans have less than Ksh 100,000 in bank savings

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.

Tags: AbsaVISA
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Brian Murimi

Brian Murimi

Brian is the founding geek at the Netick. A tech enthusiast skilled in journalism, media relations, multi-platform broadcasting, and social media. Write to him via bryanmurimi@gmail.com

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