Sendwave introduces Sendwave Pay, benefiting Kenyans in the US

Editorial Desk
By Editorial Desk 3 Min Read

Sendwave, a digital remittance company, has launched a new banking product called Sendwave Pay, which offers Kenyans living in the US the opportunity to earn interest and enjoy reduced fees on international remittances.

This innovative solution provides existing Sendwave users with access to a FDIC-insured bank account along with a debit card, making Sendwave the sole major remittance provider in the US to offer such a service.

Sendwave Pay can be accessed through the Sendwave app on both iOS and Android devices. The product offers several notable features, including a bank account with no hidden fees for account creation, maintenance, or minimum balance requirements.

Users can also benefit from improved exchange rates of up to 0.4% and savings of up to 25% on transaction fees for remittances to countries such as Kenya, Ghana, Tanzania, Uganda, Nigeria, and Liberia when utilizing the funds in their accounts.

Additionally, users will receive a Sendwave Pay debit card for everyday transactions and will be reimbursed for international transaction fees incurred when using the card outside of the US. Furthermore, users can earn up to 0.51% APY on the money held in their Sendwave Pay account.

For migrants, opening a bank account is a crucial step towards establishing financial independence. Sendwave Pay is the first neobank offering within Zepz, the Group that powers global remittance brands Sendwave and WorldRemit. Zepz plans to continue investing in financial offerings tailored to migrants worldwide, including in Kenya.

Eric Huynh, Product Lead at Sendwave Pay, Zepz, stated that the way people use and access money has significantly changed over the past decade.

“We created Sendwave Pay to better meet the needs of our customers, who are actively considering how they manage their finances for both themselves and their loved ones abroad,”

The launch of Sendwave Pay by Zepz comes at a time of economic slowdown and higher borrowing costs in the US, which is the primary source of remittances to Kenya.

In 2022, Kenyans living in the US sent a total of $2.33 billion back home, accounting for over half of the $4.02 billion in diaspora remittances that year, according to data from the Central Bank of Kenya (CBK).

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