Mogadishu (Dawan Africa) – MyBank has announced that all money transfers from Somalia to Kenya will be free of charge throughout the month of July. The offer applies to transfers made through the MyBank mobile app to any bank account or Mpesa number in Kenya.
The move targets the large Somali diaspora living in Kenya, many of whom receive monthly remittances from family and friends in Somalia.
According to the bank, the fee waiver is part of a pilot project aimed at strengthening financial links between the two countries, especially in light of the growing number of Somali families relocating from the United States and Europe to Kenya for investment and settlement.
The service allows users in Somalia to transfer funds directly from their MyBank accounts to recipients in Kenya with ease, speed, and security.
The initiative is expected to facilitate cross-border transactions and improve access to financial services for Somali communities across the region. In 2024, Kenya received remittances totaling US $4.8 billion, with Somalia and South Sudan being the most dependent countries in the region—remittances accounted for 13.6% of Somalia’s GDP.
MyBank is a fully licensed commercial bank in Somalia offering modern digital banking services including savings accounts, loans, mobile banking, and international transfers. The bank is known for its innovative approach to financial inclusion, with a focus on technology-driven services that meet the needs of individuals and businesses across Somalia.
