- 561 agent locations will be opened so that Kenyans can receive and send money abroad
- International money transfers contribute to Kenya’s GDP
- Many families depend on remittances from Kenyans who work overseas
International money transfer brand Xpress Money just announced a partnership with the Co-operative Bank of Kenya. The company’s decision to increase its footprint in the country through said partnership is a welcome development to many Kenyans who count on remittances for their day-to-day expenses. Reports from Kenyan news outlets say that the partnership will make it possible for Kenyans to send and receive money at 561 agent locations, which includes 150 branches of the Kenyan bank.
With remittances mostly used to pay for necessities such as food, healthcare, education and housing, international money transfers going to Kenya also have an impact on the country’s economy, contributing an estimated 2.5% to Kenya’s Gross Domestic Product.
“Kenya is amongst the highest recipients of remittances in Africa,” says Xpress Money COO Sudhesh Giriyan. Basing his statement on World Bank data from 2017, Giriyan added that: “The Kenyan diaspora has sent a record KES 197bn through remittances.”
The partnership with the Co-operative Bank of Kenya will make remittances more affordable and convenient, according to Xpress Money. Apart from providing a much-needed service that is more appropriate and relatively cheaper when compared with traditional transfers, it also promotes “financial inclusion” according to Giriyan. With over 500 agent locations, the service will be able to reach Kenyans who live in remote areas of the country.
The Co-operative Bank of Kenya’s CEO Gideon Muriuki notes that they are committed to providing: “Kenyans in the diaspora with the most affordable and secure means of transferring their funds home for domestic support, savings and investments. Co-operative Bank has a dedicated Diaspora Banking Centre that is available 24/7 to serve diaspora clients irrespective of time zones.”
