Barclays, Equity and Western Union 'most favoured' for Kenyan remittances
Many Kenyans living abroad who choose to send money home to relatives opt for the services of Equity Bank, Barclays and the Western Union money transfer service.This is according to research by The World Bank, which showed while Barclays and Equity are the two leading financial institutions, Western Union handles the biggest share (31 per cent) of transfers, Business Daily reports. George Mutiga of KCB Bank, another of the country's financial institutions that deals with cash sent by diaspora, explained customers tend to favour firms that have branch networks stretching to rural areas.
He noted the majority of the transfers overseen by his firm come from the US, UK, Denmark and Germany.
The World Bank, which found adult Kenyans receive around $735 (€525) in remittances annually, has urged governments across sub-Saharan Africa to ensure the income has as positive an effect on economies in the region as possible.