WorldRemit is challenging dominant players in international money transfers with reduced charges. [Photo|Halbeeg News]

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Kenyans in the diaspora are losing up to 11.35 percent when sending money home due to the high costs charged for the transactions. 

The World Bank reports that the average cost of sending money is around 7.21% with sub-saharan Africa being one of the most expensive regions to send money to at 9.13%.With such charges, Kenyans lose most sending money home with each year seeing about US$1.7b in remittances. The final week before Christmas is one of the busiest times to send money which is timely with the launch of WorldRemit.Kenyans in New Zealand will save the most at US$22.7 (KES 2349).Sharon Kinyanjui, Head of East Africa of WorldRemit commented says, “It’s important to consider that the cost of sending money goes far beyond the transactional cost. Traditional methods mean travelling to an agent to pay in money, taking time off work to do so knowing your family and friends receiving the money will have to do the same.”“By sending money from one mobile to another instantly, we can save people not just money, but also time,” she added.

It costs around US$4 (KES 413) for a return trip to travel from Kajiado to pick up cash in Nairobi, taking more than three hours for the return trip. 

Even those living within Nairobi can take up to an hour travelling to an agent and back, costing up to US $2 (KES 206) return trip.According to WorldRemit, most of their customers send money around 3-4 times a month so the savings across the month of December could be even greater. The savings on travel and time alone could be enough to buy a box of chocolates. Kinyanjui, added: “We see that being able to send money more frequently without paying high costs and wasting time brings families and friends closer together even when living hundreds of miles apart. So we hope we can give people more time with family and friends this Christmas.”

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