Kenya Nequity Bank Looks Towards International Remittances

Kenya's fast-growing Equity Bank announced on June 25, 2007 that it plans to enter the arena of international money transfers to Kenya. The country's large migrant population in countries such as the US and the UK sends back millions of dollars annually; the whole African continent received $93 billion in 2006. Unofficial estimates peg the Kenyan slice as $1b and a large part is sent through the informal network. Equity hopes to attract immigrant money by offering custom financial products such as mortgage financing.