Kenyans living in the United States now have access to a groundbreaking banking product that promises to revolutionise their financial interactions with Kenya. Sendwave, a leading digital remittance company, has unveiled its latest offering called “Sendwave Pay.” This innovative solution is set to provide Kenyan migrants in the US with unprecedented benefits, including interest-earning accounts and reduced fees on international remittances.
Sendwave Pay represents a significant leap forward in the world of remittances, as it seamlessly integrates a FDIC-insured bank account and a dedicated debit card into the Sendwave platform. This move makes Sendwave the only major remittance provider in the United States to offer such a comprehensive financial solution tailored to the needs of the Kenyan diaspora.
Accessible through the Sendwave mobile app, available on both iOS and Android, Sendwave Pay introduces several key features that promise to empower Kenyan migrants economically:
- No Hidden Fees: Users can enjoy a bank account with no hidden account creation, maintenance, or minimum balance fees.
- Improved Exchange Rates and Savings: Users will have access to up to a 0.4% improvement on exchange rates and can save up to 25% on transaction fees when sending remittances to Kenya, Ghana, Tanzania, Uganda, Nigeria, and Liberia by utilizing the funds stored in their accounts.
- Sendwave Pay Debit Card: A dedicated debit card is provided for everyday transactions, making it convenient for users to access their funds.
- International Fee Reimbursements: When using their Sendwave Pay debit card outside the United States, users will be eligible for reimbursements for international transaction fees.
- Earn Interest: Users can earn up to 0.51% Annual Percentage Yield (APY) on the money held in their accounts.
For migrants, having access to a bank account is a crucial step toward establishing financial independence and security. Sendwave Pay marks the introduction of the first neobank offering within Zepz, the group behind global remittance brands Sendwave and WorldRemit. Zepz has expressed its commitment to continuously investing in financial offerings tailored to the needs of migrants worldwide, including Kenya.
Eric Huynh, Product Lead at Sendwave Pay, Zepz, stated, “The way that people use and access money has drastically changed over the last decade. We created Sendwave Pay to better meet the needs of our customers, who are dynamically considering how they manage their money both for themselves and for loved ones abroad.”
This launch coincides with an economic slowdown and higher borrowing costs in the United States. The US is the leading source of remittances to Kenya, with Kenyans living there sending a total of $2.33 billion back home in 2022, representing more than half of the total $4.02 billion of diaspora remittances, according to data from the Central Bank of Kenya (CBK).