Sendwave launches new banking product targeting Kenyans in the US

Kenyans living in the US stand to gain from a new banking product that allows users to earn interest and pay reduced fees on international remittances.

The new product dubbed Sendwave Pay was recently launched by digital remittance company Sendwave. The new solution provides existing Sendwave users access to a FDIC-insured bank account with an accompanying debit card.

This makes Sendwave the only major remittance provider with such an offering in the US.

Sendwave Pay has the following features:

•            A bank account with no hidden account creation, maintenance or minimum balance fees

•            Access to up to 0.4% improvement on exchange rates and up to 25% savings on transaction fees on remittances to Kenya, Ghana, Tanzania, Uganda, Nigeria, and Liberia when using the funds in their accounts.

•            A Sendwave Pay debit card to use on every day transactions;

•            Reimbursements for international transaction fees when using their Sendwave Pay debit card outside of the US;

•            Earn up to 0.51% APY on the money held in their Sendwave Pay account

For migrants, opening a bank account is considered an important step to establishing themselves and helps to achieve financial autonomy.

Sendwave Pay is the first neobank offering within Zepz, the Group powering global remittance brands Sendwave and WorldRemit. Zepz intends to continually invest in migrant-focused financial offerings around the world, including Kenya.

“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,” said Eric Huynh, Product Lead, Sendwave Pay, Zepz.

Zepz’s launch of Sendwave Pay comes amid an economic slowdown and higher borrowing costs in the US, which is the leading source of remittances to Kenya.

Kenyans living in the US sent a total of $2.33 billion back home in 2022, representing more than half of the total $4.02 billion of diaspora remittances in 2022, according to data from the Central Bank of Kenya. (CBK).

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Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

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