Equity Targets Diaspora Cash in Platform Deal

Equity has tapped the expertise of international remittance payment platform NALA Payments Ltd to facilitate diaspora remittances into Kenya.

The firm which is licensed in the United Kingdom and United States will allow Kenyans living in the two states (US and UK) to send money directly from their banks. 

“By engaging NALA as their technology partner, the bank fortifies its position in remittances by giving its customers access to simple, competitive and faster services,” said NALA Chief Executive Benjamin Fernandes.

Central bank data indicate that the United States remains the largest source of remittances into Kenya and accounted for 59 percent of the inflows in the month of June.

“Using fintech capabilities has given us a global presence, and as a result we have become a major processor of remittance payments around the world including across currencies,” said Robert Kiboti, Equity Head of Private Banking, adding that payments in Africa technology helps integrate financial tools.