23 C
Kenya
Thursday, May 28, 2020

Co-op Bank partners with WorldRemit to ease money transfer

Must Read

This is the cost of rearing Kienyeji chicken in Kenya

Kienyeji Poultry Farming: Below is the cost estimate prepared by Neo Chicks for raising 100 Improved Kienyeji Chicks up...

Estates in Nairobi where Kenyans are buying homes

Nairobi Estates: The latest house pricing index by the Kenya Bankers Association has revealed the estates in Nairobi where...

Beware of these mechanic rip-offs when taking your car for check up

Garage Business in Kenya: Some mechanics are quarks, others are just ‘legit thieves’. Either way you don’t want to...

WorldRemit Money Transfer: Co-operative Bank of Kenya has partnered with leading digital money transfer company WorldRemit to enable digital money transfers to over 6 million Co-operative Bank accounts and 150 new cash pickup locations nationwide.

Using the WorldRemit app or website, Kenyan diaspora living in over 50 countries can now send money directly to their loved ones’ personal Co-op Bank accounts in over 150 branches. The transfers can be made directly from the senders’ mobile phones, and the receiver can withdraw the funds from a nearby Co-op Bank Agent, ATM or Branch.

WorldRemit saves customers time and money, enabling them to send funds home in a few taps from their phones without having to visit a bricks and mortar agent. Customers sending to Kenya can choose from a variety of convenient pay-out options including bank transfer, cash pickup, mobile money and mobile airtime top up.

SEE MORE: Co-op Bank shareholders recoup their investment in historic dividend pay

Over three million Kenyans live abroad, with top senders to the country including the United Kingdom, the United States, and Australia. The World Bank estimates that in 2018 the Kenyan diaspora sent $2.7 billion in remittances, now the country’s top foreign exchange earner exceeding tea, coffee, and tourism.

Many Kenyans in the diaspora support family and relatives here at home to fund basic needs including education, food, housing and access to healthcare. According to recent WorldRemit research based on national household survey data, Kenyans abroad contribute over $300 million to children’s education nationally. Receiving remittances halves a Kenyan child’s chances of being out of school.

Mr. Arthur Muchangi, Director Retail Banking at Co-operative Bank of Kenya confirmed the bank’s commitment to support remittances, saying, “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. 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.”

Sharon Kinyanjui, Head of East and Central Africa at WorldRemit commented on the WorldRemit money transfer partnership with Co-op Bank: “Kenyans around the world make WorldRemit their top choice when it comes to sending money home.  We are delighted to partner with Co-operative Bank of Kenya, a trusted household name with strong ties to the diaspora and a shared commitment to financial inclusion, to further expand our network in the country and make our convenient service accessible to all.”

- Advertisement -

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

160,374FansLike
10,907FollowersFollow
107FollowersFollow
244SubscribersSubscribe
WhatsApp
Telegram

Latest News

Equity Bank cancels Sh. 9.4 billion dividend payout over coronavirus

Equity Bank Dividend: Equity Bank has cancelled its Sh. 9.4 billion dividend payout to shareholders. This decision comes in...

Estates in Nairobi where Kenyans are buying homes

Nairobi Estates: The latest house pricing index by the Kenya Bankers Association has revealed the estates in Nairobi where Kenyans are buying more houses. According...

Beware of these mechanic rip-offs when taking your car for check up

Garage Business in Kenya: Some mechanics are quarks, others are just ‘legit thieves’. Either way you don’t want to be in business with any...

Safaricom Foundation Funds Water Projects in Nairobi Settlements

An estimated 90,000 people in Korogocho, Kawangware, Kibra and Mathare are set to benefit from Safaricom Foundation funded water projects geared towards prevention of...

Online Writing is the Real Deal

Online Writing is the Real Deal My Journey! “Should I buy you airtime to make calls and chat your girlfriends, or should I save up...

More Articles Like This

- Advertisement -