Nairobi — Consumers in Kenya are calling for innovation in international money transfer services to enable them to manage their personal finances.
The latest Western Union Global Money Transfer Index shows that 90 percent of receivers are of the view that providers should offer remittance services in an integrated mobile ‘super app’.
The app, they said, will allow for efficient collection of remittances.
Respondents were asked on when and why they use international money transfer currently as well as tomorrow’s expectations.
“Kenya is a leader when it comes to financial innovation – especially in the world of mobile money. The country pioneered mobile money in Africa and is poised to become one of the most innovative and connected economies in the world,” Western Union Africa Regional Vice President Mohamed Touhami El Ouazzani said.
The results bolster Western Union’s ‘Evolve 25’ strategy to combine high-value, accessible retail and digital financial services for all.
Kenya has experienced remarkable growth in financial inclusion.
This, in turn, creates greater awareness and expectations for innovation that could further support daily financial needs.
82 percent of consumers would like to collect their funds on a pre-paid card or e-wallet, while the same number of receivers want providers to offer services with local language capabilities.
“This is reenforced by the country’s consumers, who are increasingly looking for more exciting and innovative services from money transfer brands.”
Two in three receivers (66 percent) currently use only digital transfers, while 26 percent prefer both online and in-person platforms to be available.
However, around double that proportion (53 percent) believes that in the future all money transfer receivers should be able to choose, compared to 46 percent who will fully embrace digital.
In contrast, Kenya’s senders name digital transfers as their first choice for the future (56 percent, rising to 61 percent of women), with 41 percent wanting a mix of online and in-person options.
Some 61 percent of senders currently opt for digital-only services, rising to 67 percent of those aged 18 to 24.
“At Western Union, we strive to listen to consumers and make strategic decisions so that we can be the money transfer provider they turn to for solutions,” Ouazzani said.
“Whether it is sending or receiving money in person or through digital platforms, we are always looking for ways to innovate our platforms so that we never fall short of meeting consumer expectations as they manage their daily financial needs.