East African economies received more than $3.5 billion in diaspora remittances in 2015, with the largest amounts being sent to Kenya and Uganda. Behind these figures are several service providers who enable seamless transfer of this money home by East Africans living in diaspora. Interestingly, we have our own, the first purely Kenyan owned company eastpesa among the leading in sending money to East Africa. Top countries in terms of remittance volume are USA and Canada followed by Europe with the United Arab Emirates coming up strongly in recent months.
World remit
Serves several countries around the globe including the East African ones. Has enable mobile money transfers for some operators. e.g Mpesa and MTN. Discussion with other providers is ongoing according to their website.
Website: www.worldremit.com
Eastpesa
Eastpesa has partnered with all mobile money providers in East Africa. This enables easy transfer of money to any working mobile number in the region from anywhere in the world. Purely internet based meaning people do not need to visit any agent when sending. The recipients collect cash from the respective mobile money agent. Voted among the most affordable considering their service charges and dollar rate.
Website: www.eastpesa.com
Western Union
WU an American company head quartered in Meridian, Colorado is a pioneer in the money transfer industry. It boast networks with several banks to act as their agents all over the world. though struggling with technological advancements, It still occupy the greatest market share in the region
Website: www.westernunion.com
Dahabshiil
Mostly known for its remittances to Somalia. Its model is agent based whereby senders and recipients visit an agent to transact. Enables bulky transactions compared to most others. Available in Kenya and Uganda.
Website: www.dahabshiil.com
Wave
Wave is a UK owned service that rides on tech to grow its market share in the region. Just like eastpesa, it offers instant transfer to mobile. Plans are underway for this service to enter the Ethiopia market as part of expansion.
Website: www.sendwave.com
MoneyGram
Has been around for several years and depends on local banks as cash collection points. Very trusted and competing with Western Union in the traditional agent based money transfer providers though lagging behind in Instant mobile money services.
Website: www.moneygram.com
Leave a Reply