The Co-operative Bank has today partnered with Xpress money in a move that will see more Kenyans able to send and receive money at all Co-operative Bank agencies.
Xpress Money is one of the most dependable money transfer brands in the world.
“Through this partnership, customers will be able to send and receive money at 561 agent locations, which include 150 branches of Co-op Bank,” Co-op Bank says in a statement.
Further, Co-operative Bank chief executive officer Dr. Gideon Muriuki said that the bank is moving fast to ensure that it offers efficient and easy channels through which Kenyans living abroad can send money back home. “Currently, we handle some of the largest volumes of remittances to Kenya, and 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 investments,” he said. Today, remittances to Kenya contribute around 2.5 per cent of the country’s gross domestic product (GDP).
Currently, Xpress Money is offering both SEND and RECEIVE services which include Cash to Cash, Account Credits, and Mobile Wallets through partnerships such as the one it signed today with Co-op Bank.
“Kenya is amongst the highest recipients of remittances in Africa. According to the World Bank, Kenyan diaspora has sent a record USD 1.97 billion through remittances in 2017,” said Sudhesh Giriyan, the chief operating officer of Xpress Money. He added that 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 in remote areas a chance to access their finances,” he said.