UPESI TARGETS KES1 BILLION IN OUTBOUND TRANSFERS AS ZERO-FEE CAMPAIGN DRIVES CROSS-BORDER PAYMENTS

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Kenyan outbound money transfer service Upesi is targeting more than KES1 billion in transactions over four months as it rolls out a zero-fee campaign across eight international payment corridors.

The campaign, which began on September 1 and runs until the end of December 2026, covers transfers from Kenya to China, Uganda, Rwanda, Tanzania, Ghana, the Philippines, the United Arab Emirates and Nigeria. Upesi expects to process about KES276 million per month, with China projected to account for approximately KES150 million monthly, largely driven by payments from Kenyan businesses sourcing goods and services from the Asian market.

According to Upesi Head of Treasury John Gitau, the initiative seeks to make international transfers more accessible and affordable for businesses and individuals as cross-border trade and economic links continue to grow. The campaign targets SMEs, importers, students, investors and families making payments abroad, with the company expecting demand to rise during the festive season.

The initiative comes as digital financial service providers increase competition in Kenya's outbound payments market, particularly on transfer costs, speed and convenience. Data from the Central Bank of Kenya's Remittances Household Survey 2025 shows that mobile money operators and commercial banks accounted for 87.8 per cent of cash remittance outflows, while fintech platforms accounted for 9.6 per cent and Money Transfer Operators 1.2 per cent.

The survey also highlights the importance of transfer costs to customers, with 73.8 per cent of respondents 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, including KES36.3 billion 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 during the period. Uganda received KES5.25 billion, Tanzania KES1.37 billion and Rwanda KES170.1 million, highlighting the significance of regional cross-border payments to Kenya's economy.

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