WorldRemit and major Kenyan bank pair up

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Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely… Read more
  • Co-operative Bank of Kenya set to join forces with WorldRemit to launch new service
  • Destinations for cross-border cash transfers are diverse, and include M-pesa, Airtel, standard bank accounts and more
  • “Co-op Bank will continue to invest in partnerships that provide Kenyans in the Diaspora with the most affordable and secure means of transferring their funds”, says director

 

Leading online money transfer company WorldRemit has announced that it will partner with the Co-operative Bank of Kenya.

The partnership, which will help Kenyans living abroad to send money home to friends and family, will allow people who need to transfer cash to do so through their credit card or bank account.

In order to benefit from the new partnership, customers will need to either download the WorldRemit app or log on to its website.

It will be possible for the transaction to be authorised using an internet-enabled smartphone, while the recipient can have the funds sent to their bank accounts and then access them using a branch of the Co-operative Bank.

They can also access them from an ATM, or by visiting an authorised Co-operative Bank agent.

The new partnership aims to be dynamic and user-friendly – and as a result it will be possible for customers to use other preferred money destinations, such as M-pesa and Airtel accounts.

It is believed that more than three million Kenyans live outside of the country. According to figures published by the World Bank, Kenyan citizens living outside of the country are responsible for sending almost $3 billion in remittances.

According to Arthur Muchangi, Director of Retail Banking at Co-operative Bank of Kenya, said that this was an example of the bank continuing to “invest in partnerships”.

“As a bank that handles some of the largest volumes of remittances to Kenya, Co-op Bank will continue to invest in partnerships that provide Kenyans in the Diaspora with the most affordable and secure means of transferring their funds home for domestic support, savings and investment”, he said.

“Co-operative Bank has a dedicated Diaspora Banking Center that is available 24/7 to serve diaspora clients irrespective of time zones, the first of its kind in Kenya.”

Demand for remittance services which serve Kenya and other major Sub-Saharan African nations is always high, and it’s easy to see why. Research published by WorldRemit itself has shown that there are all kinds of positive consequences to sending money back home: it’s believed that a child who gets money sent to them from abroad, for example, will have their chances of dropping out of education slashed by half. With benefits like these on offer, then, it’s likely that firms such as WorldRemit and their on-the-ground partners will only increase their presence in nations like Kenya.

WorldRemit and other major companies are making waves in this industry. Discover how they’re doing so at this link.


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