This archive report was first published on 24 August 2020.
On August 24, 2020, Equity Bank announced a substantial growth in diaspora remittances, with volumes reaching Sh106.9 billion in the six months to June.
This represents a 57.8 percent increase from Sh66.6 billion in the first half of 2019, according to the bank.
Equity Group chief executive James Mwangi attributed the rise to innovation on the bank's fintech platform, which enabled social payments to reach families.
“Resources were dedicated to enhancing fintech innovation in diaspora remittances to enable social payments to reach families that saw regional diaspora remittances growing by 57 percent,” said Mr Mwangi.
During the review period, the Central Bank of Kenya data showed that Kenyans sent home Sh157.91 billion ($1.46 billion).
The disclosure implies that 67.7 percent of the cash sent home by Kenyans living and working abroad for family support, payments, and investments passed through the bank.
Handling of more diaspora remittances helped Equity earn Sh601 million as fees from the service, up 51 percent from Sh398 million in the corresponding period in 2019.
