Co-operative bank customers here in Kenya will now enjoy remittance services via Xpress Money – one of the leading and trusted money transfer brands in the world. The partnership between the two financial brands seeks to increase their footprint and strengthen their presence in the country. Courtesy of this partnership; co-operative bank of Kenya customers will be able to send as well as receive money at 561 agent locations, which includes 150 branches of Co-operative Bank of Kenya.
As of now, Kenya has experienced tremendous growth in remittances from abroad which in turn, plays an important role in the development of the country and contributes around 2.5 percent of the country’s GDP. The money sent back home, in the form of remittances, has a large impact on beneficiaries, many of whom are dependent on money transfers for basic needs including food, housing, healthcare and education.
Besides benefiting Co-Operative bank customers, Xpress Money on its side is looking at increasing its grip in the country to ensure convenient, affordable and secure money transfer services. It’s expected that this partnership with Co-operative Bank of Kenya will expand it’s reach significantly on account of the bank’s nationwide branch network.
Xpress Money is offering both SEND and RECEIVE (Cash to Cash, Account Credits and Mobile Wallets) services through such partnerships.
Xpress Money’s COO, Sudhesh Giriyan, said: “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, which 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.”
On the other side, Co-operative Bank of Kenya’s Group Managing Director and CEO, Dr. Gideon Muriuki confirmed the bank’s commitment to support remittances, saying, “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.”