You see, we’re getting to the point now where I should make clear why I’m enumerating what you probably already know. Both the reason we’re gathered here and the reason I started with these facts: Leaving aside the terrible human cost… It’s about money. It’s about financial risks.
The practice has been to charge a fee for transfer and fix the exchange rate for the amount to be received. However, the question remains “How do we provide services for international money remittances at competitive costs?” To address this, CBK has approved partnerships between local financial institutions and international money transfer operators, the latest being between Safaricom Mpesa and MoneyGram International Money Transfer.