Co-operative Bank partners with Xpress Money to offer Kenyans affordable and secure international money transfer services
Xpress Money has partnered with Co-operative Bank of Kenya to increase its footprint and strengthen its presence in the country.
For starters, Xpress Money is a global money transfer brand with a thriving presence in more than 165 countries across all continents through 200,000 agent locations.
The partnership between Xpress Money and Co-operative Bank will enable Kenyans to send as well as receive money at 561 agent locations, which includes 150 branches of Co-operative Bank of Kenya.
Xpress Money is offering both SEND and RECEIVE (Cash to Cash, Account Credits and Mobile Wallets) services through such partnerships.
Kenya among highest recipients of remittances in Africa
Remittances to Kenya play an important role in the development of the country and contributes around 2.5 percent of the country’s GDP.
“Kenya is amongst the highest recipients of remittances in Africa. According to the World Bank, the Kenyan diaspora has sent a record USD 1.97 Billion through remittances in 2017. There is a huge demand for simple and convenient money transfer service options in the country. Through our new partnership, we aim to provide affordable remittance services, that can be easily accessed, giving even the unbanked customers, who are mostly located at remote corners in the country, a chance to access their finances, thereby promoting financial inclusion,” said Xpress Money COO Sudhesh Giriyan.
Speaking for Co-operative Bank of Kenya, Group Managing Director and CEO, Dr. Gideon Muriuki confirmed the bank’s commitment to support remittances;
“As a bank that handles some of the largest volumes of remittances to Kenya, we shall continue to invest in such 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. 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.”
