Fidelity Bank has signed a deal with Xpress Money Services, a UK based Authorized Payment Institution, to offer money transfer services between Kenya and the rest of the world. The deal with will give Fidelity Bank’s customers flexibility and access to Xpress Money’s 170,000 agents spread in over 150 countries worldwide. Commenting on the agreement, Fidelity Bank executive director Mr. Sultan Khimji said that the bank’s customers would enjoy Xpress Money’s speed of transfer and convenient payout to a point very close to the beneficiary because of the huge agency network.

“One of the critical aspects of a money transfer agency that we were looking for was convenience the agency would offer our customers. Over and above this, Xpress Money’s commissions are the lowest in the market which is icing on the cake for our customers”, Mr. Khimji quipped.

He added that apart from convenience and lower commissions, Xpress Money is regulated by the UK’s Financial Services Authority (FSA) which ensures security and high operating standard through the provision of consistent service in terms of network safety and reliability.

Express Money’s business development manager responsible for the Common Market for East and Southern Markets (COMESA), Mr. M. V. Additya said his company was a well-established and renowned brand name in money transfer industry as a fast, secure and reliable global money transfer platform.

Mr. Aadatiya said: ”We operate on a simple and very effective model commonly known as the “Service Provider – Franchise” which means that Xpress Money undertakes the responsibility of appointing agents in countries where a remittance originates and countries in which such transactions terminate with an intention to facilitate ‘sourcing’ and ‘pay out’ of money transfer transactions in originating & terminating countries respectively. This ensures that we are relevant at both ends of the money transfer transaction.”

He said that although Cash-to-cash is Xpress Money’s core business today, the company also offers cash-to-bank accounts and Cash-to- door delivery as product variants. Over and above this, Xpress send SMS’s to the remitter on receipt of the payment by the beneficiary. Xpress is also working on cash-to-card, cash-to-mobile and cash-to-ATM opportunities in the near future.

Airtel Kenya, in conjunction with the Kenya Secondary Schools Sports Association(KSSSA), today launched the fourth edition of the Airtel Rising Stars (ARS), an under-17 boys’ and girls’ nationwide football talent search and nurturing initiative at Upper Hill School.  

The star search will kick off during this year’s Kenya Secondary Schools Sports Association term 2B regional final games that start on the 8th July 2014, culminating in the Africa championships that will be held in Gabon from 20th to 25th August 2014.An exclusive ARS soccer clinic will then follow.

Speaking at the launch event Airtel Kenya Managing Director Adil El Yousseffi lauded the contribution the program has made to improving football in the country and promised the company’s long-term commitment to the course.  “Airtel is delighted to be one of the largest supporters of youth soccer in the country and on the continent. Together with our partners, we will ensure it is not just the biggest, but also the most consistent supporter of grassroots football in Kenya. It not only identifies and nurtures talent but most importantly provides a window for young boys and girls to market themselves to several scouts,” said Mr. Yousseffi.

Last year’s national finals held in Embu saw the selection of four students;  Gerald John Oketch (Upper Hill School), Mwanahalima Adam Jereko (St John’s Kaloleni), Owuor Lily Awuor (Olympic High) and Ibrahim Mohamed (Kathungi Secondary) who attended this year’s Airtel soccer clinic held in Tanzania. The four had an opportunity to learn firsthand skills and technical courses from experienced coaches that will assist in their growth as football players. The Soccer Clinic also offered them a unique opportunity to socialize with students from other Airtel African countries.

The Airtel Rising Stars initiative was started in 2011 as an annual Africa-wide program that provides a platform for upcoming soccer talent under the age of seventeen to showcase their skills to leading scouts, coaches and have an opportunity to further their football skills.  In Kenya, the initiative targets boys and girls in secondary schools across the country.

In a bid to align with the latest industry requirements in the commuter services sector, KCB – Kenya’s largest commercial bank and Modern Coast – a commuter services provider with prominent presence between Nairobi and Mombasa routes,  have partnered to introduce the Modern Coast card. The card is expected to ease the hassle of paying bus fare by introducing an electronic system that will allow commuters pay their fare electronically rather than carrying cash as it is currently – the Modern Coast commuter card can be used for paying fare across the region including Uganda and Tanzania.

Kenya’s commuter services industry sector is expected to go cashless in the next few months as regulations in the sector takes effect. Beyond being used for paying bus fares, card holders can use the Modern Coast Card with contactless technology to pay for goods at various points of sale (PoS) terminals across the world. Other banking services from KCB will be available to commuters to complement their transport usage such as mobile banking, agency banking and credit card facilities.

Commercial Bank of Africa (CBA) and Safaricom Limited have introduced a fixed deposit feature on the globally acclaimed M-Shwari platform dubbed “Lock Savings Account”. The Lock Savings Account, the first of its kind in the mobile money space, will afford Kenyans at the bottom of the social pyramid an opportunity to save for a specific purpose. The move is aimed at entrenching a savings culture in a country where savings fall below 20% of the GDP, the lowest in the region.

To access the Lock Savings Account feature, customers will need to dial *234*6# and follow the prompt. The revolutionary service will allow customers to save a minimum of KES 500 for a maximum of six months at interest rates of upto 6% p.a.