CAPTION: R-L: Upesi Money Transfer Head of Treasury John Gitau with Upesi Money Transfer Head of Marketing Eric Otieno at Upesi Head offices in Nairobi. Upesi, a Kenyan outbound money transfer service, is targeting more than KES1 billion in transactions over four months through a zero-fee campaign covering eight international corridors
Upesi, a Kenyan outbound money transfer service, is targeting more than KES1 billion in transactions over four months through a zero-fee campaign covering eight international corridors.
Upesi expects to process an average of about KES276 million per month, with China projected to account for about KES150 million monthly, driven by increasing business activity between Kenya and the Asian market, particularly payments by businesses sourcing goods and services from China.
The campaign, which started on September 1 and runs until the end of 2026, covers outbound transfers from Kenya to eight international corridors, including China, Uganda, Rwanda, Tanzania, Ghana, the Philippines, the United Arab Emirates (UAE) and Nigeria.
“Cross-border payments are becoming increasingly important for businesses and individuals as trade and other economic links between Kenya and international markets grow. We want to make these transfers more accessible and affordable by removing fees on selected corridors,” said John Gitau, Head of Treasury at Upesi Money Transfer.
The campaign targets small and medium-sized enterprises, importers, students, investors and families making payments abroad.
With transfer fees waived, Kenyans sending money abroad can enjoy faster, more affordable and cost-effective international transfers, particularly during the festive season when payments for family support, education and business needs tend to increase.
The move comes as digital providers expand their presence in Kenya’s outbound payments market, adding competition to commercial banks and mobile money operators on transfer costs, speed and convenience.
Data from the Remittances Household Survey 2025 by Central Bank of Kenya, shows that mobile money operators and commercial banks accounted for 87.8 per cent of cash remittance outflows, with mobile money handling 47 per cent and commercial banks 40.8 per cent. Fintech platforms accounted for 9.6 per cent, while Money Transfer Operators handled 1.2 per cent.
Cost remains a key concern for customers sending money abroad, with 73.8 per cent identifying lower transfer costs as the most important improvement needed.
Kenya recorded KES40.5 billion in outbound remittance outflows between June 2024 and May 2025, of which KES36.3 billion was in cash and KES4.3 billion in kind.
The East African Community accounted for KES7.3 billion, or 17.9 per cent of total outbound remittances, with Uganda receiving KES5.25 billion, Tanzania KES1.37 billion and Rwanda KES170.1 million.
Education was a major component of outbound remittances, with students and pupils studying abroad receiving KES27.7 billion, equivalent to 68.4 per cent of total outbound remittance outflows.
