Nairobi — Family Bank Remit has been nominated for the 2019 African Banker Awards for the Innovation in Banking category.
Family Bank Remit is an innovative money remittance solution, through PesaPap mobile application, that allows for convenient, instant, and reliable money transfer from Kenya to the rest of the world.
In 2018, Family Bank Remit partnered with Simba Pay's WeChat to offer an affordable channel to send money to suppliers and business partners in China.
With the increased efficiency provided by this service, traders in Kenya can replenish stock faster, thus bolstering trade between the two nations. Additionally, financial inclusion is positively impacted as more small-scale traders are now able to directly source goods from China instead of depending on middlemen to make payments on their behalf.
China is Kenya's biggest trading partner. In 2017 alone, businesses in Kenya imported well over USD 4 billion worth of goods from China. The current existing solutions for sending money to China take multiple days to reach the recipient's bank account, with some requiring the supplier to physically visit an agent to collect their money. This service easily overcomes these barriers. With over 1 billion subscribers, WeChat is the largest payment and social media app in China.
In July 2018, Family Bank also revamped it PesaPap mobile application making it the very first full-service mobile banking application in the market that offers an incredible user interface, enhanced performance and an impeccable customer experience allowing consumers access to instant loan disbursements and repayments, as well as vanilla banking services such as funds transfer to accounts and mobile money wallets, bill payments, airtime purchase, scheduled payments, PesaLink, amongst others. PesaPap surpassed Ksh500 million mark in loans disbursed, to both its customers and non-customers, within a three-month period after it launched.
The African Banker Awards, which are held annually, are prestigious awards in Africa's banking and finance sectors designed to recognize the reforms, rapid modernisation, consolidation, integration and expansion of Africa's banking and financial system. The award ceremony will be held on 11th June 2019 in Malabo, Equatorial Guinea.