Send Money To Kenya
Located in east coast of Africa, Kenya has been described as the “cradle of mankind”. Kenya has a coastline along the Indian Ocean. The country’s vibrant culture is steeped in its ethnic diversity. Kenya is home to 42 different ethnic groups. However, ethnic diversity has also proved to be the country’s undoing with the country experiencing political and ethnic-based turbulence in recent years.
The capital city of Kenya is Nairobi. The country’s official languages are English and Kiswahili. The major industries are agriculture, forestry and mining. Kenya’s economy remains in good health. Despite most indicators suggesting economic growth, a majority of Kenya’s population still struggle with poverty. Kenyan businesses are yet to reap the benefits of the country’s relatively robust financial system.
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Kenya’s official currency is the Kenya shilling (KES). One Kenya shilling is broken into 100 cents. The Kenyan shilling came into use in 1966 as a replacement of the East African shilling. The first issue of coins was in 1966. They were in denominations of one and two shillings and five, ten, 25 and 50 cents. The 25 cents would be phased out in 1969. That same year, banknotes were released bearing the portrait of the first president Jomo Kenyatta. The bills were in denominations of five, ten, 50 and 100 shillings.
For imports and exports, the dollar is the most widely used currency. One Kenya shilling is the equivalent of 0.0078 British pounds and 0.097 US dollars.
Send Money with Bank Deposit
Kenya has the most robust banking sector in Eastern Africa. In recent years, mobile banking has grown tremendously as a preferred method of interacting with banks. Kenya is also one of the world’s leading countries in mobile money transfer technology.
When sending money using bank deposits in Kenya, there are some details that you will be required to provide. They include the recipient’s bank name and branch, full name, and account number. Mobile banking is an integral part of how people conduct business in Kenya. Apart from official bank branches, any Kenya can become a commercial bank’s official agent as long as they meet the capital requirement and have a shop in a permanent building. This means that you can gain access to banking services at the grocery shop outside your house.
This has made bank deposits the most convenient method of sending money after mobile transfer. By walking to the shop outside your gate, you can deposit money into a recipient’s account without having to visit the bank. Deposits are free of charge and fees are only charged when withdrawing.
At the same time, most bank accounts are linked to the mobile service. It means that bank customers can transfer cash from their bank accounts to the mobile money service account and back through their mobile phones.
Send Money Through Cash Pickup
Although cash pickups used to be a popular method of making cash transfers in and out of Kenya, the growth of the banking sector and the evolution banking have overshadowed the method. However, there is still a good number of Kenyans who use cash pickup as a cash transfer especially when dealing with foreign currencies. There is a Moneygram in almost any banking hall and Western Union has numerous branches throughout the country.
Increasing internet connectivity and mobile coverage have kept cash pickups going. Where there is a cash pickup point in proximity to the sender or receivers, Kenyans still show interest in the method. They are great especially when receiving funds in foreign currency. All banks readily accept foreign currency especially the British pound and the US dollar.
Cash pickups have proved very useful especially in rural villages. They are not only convenient, but also easy to use. A transaction is just as simple as proving that you are the intended receiver and where you are sending money, providing details if the receiver on the other side.
Money Transfer Regulations
n early 2016, the Central Bank of Kenya moved in to tighten money transfer regulations in the country. Under the new rules, anyone seeking to deposit or withdraw more than $10,000 would be required to state where the money was coming from or going to.
The move was aimed at increasing traceability of transactions and at the same time encouraging the use of electronic means. Kenya has been on the frontline in the war on terror and has in recent times had to tighten regulations to stay ahead of financiers of terrorist activities and money launderers.
With many transactions still made informally, Kenya still struggles to put in place mechanisms that would make it easy to monitor large cash transfers.
Kenya has in the past been cited as one of the easiest places to open a briefcase company. Kenya has lost approximately $1.51 billion through corruption and money laundering between 2002 and 2012.
However in the recent past, the regulators have come up with stiffer penalties for individuals or institutions that flout the rules. The penalties include banks having their licence revoked on some instances.