Ndichu Eddie, Wapi Pay Co-Founder
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 2026, up from approximately
$5 billion in 2025.
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.