Africa-Press – Kenya. Kenyans who regularly receive money from family and friends living abroad will now be able to use those remittance inflows to access financing from banks and other lenders, following the introduction of a new credit assessment tool.
The tool by Singapore-based fintech firm Wapi Pay PTE, licensed by Central Bank to operate in Kenya will recognise diaspora transfers as a source of income.
The Remittance Credit Scorecard (RCS) allows lenders to factor in the consistency and value of remittances when evaluating loan applications.
Wapi Pay Co-Founder Eddie Ndichu, notes that recipients have often been unable to leverage the funds to access loans.
“By launching this scorecard, we are providing Kenyan lenders with the data rails to safely extend credit to the millions of families supported by the diaspora. We aren’t just sending money; we are building a foundation for wealth creation,” said Ndichu.
According to the company, the scorecard enables partnerships with financial institutions by providing structured remittance data that offers a broader view of an individual’s financial behaviour.
The new approach enables financial institutions to assess whether regular inflows from abroad can support loan repayments, alongside traditional indicators such as employment income and transaction history.
The launch comes as remittance inflows to Kenya continue to grow. Total remittance volumes are projected to reach about $7 billion in 2025, up from approximately $5 billion in 2024.
However, industry data shows that around 80 per cent of remittances are currently spent on immediate consumption, with only a small share channeled into savings or investment.
Financial analysts note that remittance-backed lending, diaspora mortgages and construction financing are increasingly being viewed as avenues for shifting remittance use toward asset-building and supporting the government’s targeted annual growth of 15–20 per cent in the sector.
Wapi Pay said the system incorporates data protection safeguards, including explicit customer consent, limited data sharing with lenders and encryption measures to secure personal and financial information.
The company did not disclose how many lenders have adopted the tool so far or provide timelines for large-scale rollout.
