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KCB Bank partners with dLocal for faster remittances in Kenya

By Gloria Methri

July 01, 2024

  • Africa
  • Central Bank of Kenya
  • Cross border payment solutions
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dLocal, Kenyan Commercial Banking, Central Bank of Kenya, Remittances, Digital Payments, Cross Border Payments, FinTech, Kenya, AfricadLocal, the cross-border payment platform specializing in high-growth markets, has partnered with the KCB Group, the commercial banking services handled by the Central Bank of Kenya. The approval comes almost exactly one year after the country approved dLocal local entity for its first payment services license.

dLocal group said in a release that the expansion of its remittance offering into the Kenyan market highlights the untapped potential of the country’s status as a hub for FinTech growth.

The KCB’s approval of dLocal’s submission for a money remittances flow allows the free flow of money wire transfers through Kenya’s official banking system. The opportunity to work directly with the Kenyan Commercial Bank eliminates third-party involvement, making transactions cheaper, faster, and more reliable for dLocal clients.

The ability to send and receive payments through a trusted source reduces the likelihood of mishandled finances, and there has been a strong demand for such services. Kenya is a key market for remittances, and the country saw the transfers hit a record $4 billion in 2023, equivalent to 3% of its GDP.

The debut of dLocal’s remittance approval with KCB in Kenya bodes well for its broader expansion across Africa. It comes after the company expanded its presence in Nigeria, Tanzania, South Africa, Rwanda, and Kenya.

“Securing licensing with Kenya is an exciting step for us. As the fifth largest inbound remittance market in Africa, many other markets look to Kenya when it comes to regulatory frameworks and offerings,” said dLocal CRO John O’Brien. This new approval will provide a fast, streamlined, and reliable option to Kenyan consumers and paves the way for further growth for dLocal’s payout solutions.”

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