Kenyan customers are asking for better international money transfer services that can help them better manage their personal finances.
According to Western Union’s Global Money Transfer Index, 90% of recipients in Kenya would like to see remittance services integrated into a mobile “super app” so that they can conveniently collect transfers while conducting other services, such as making payments. B. Paying for utilities.
The study describes how people currently use international money transfer services, their expectations for the future and their opinions on when and how they use these services.
At the same time, money transfer company Western Union plans to combine easily accessible retail and digital financial services.
Kenya is also no stranger to financial inclusion, which has led to increased expectations for innovative solutions that can meet everyday financial needs.
When consumers think about what they want in the future, 82% prefer receiving their money through a prepaid card or e-wallet, while the same percentage want services with local language support.
Of all recipients surveyed, 66% use digital transfers exclusively, while 26% prefer both online and in-person options.
However, a larger proportion of 53% believe that in the future all recipients should be able to choose between digital and face-to-face platforms, compared to 46% who prefer to fully accept digital transmissions.
On the other hand, 56% of Kenyan senders prefer digital remittances in the future, with the figure rising to 61% for women. 41% of senders prefer a combination of online and in-person options.
Currently, 61% of senders opt for digital-only services, rising to 67% among 18-24 year olds.
“Kenya is at the forefront when it comes to financial innovation – especially in the world of mobile money. The country pioneered mobile money in Africa and is poised to become one of the most innovative and connected economies in the world,” said Mohamed Touhami El Ouazzani, Western Union’s regional vice president for Africa. “This is reinforced by the country’s consumers, who are increasingly looking for more exciting and innovative money transfer branding services.”
“At Western Union, we strive to listen to consumers and make strategic decisions so we can be the money transfer provider they turn to for solutions. Whether it’s sending or receiving money in person or through digital platforms, we’re always looking for ways to innovate our platforms so we never fall short of consumers’ expectations in managing their day-to-day financial needs,” said Ouazzani.