The Co-operative Bank of Kenya has partnered with Thunes, a cross-border payment provider, to launch a global money transfer service dubbed as Co-opRemit.
The service will allow real-time money transfers, particularly within Africa, allowing Co-op Bank customers to move funds at affordable rates.
The deal will see Co-op Bank customers send money to a foreign bank account or mobile number.
With access to Thunes’ fully-integrated global network, Co-op Bank will enhance its digital banking services and deliver a convenient and cost-effective money transfer experience to its customer base of over 8 million.
Co-op Remit users will be able to access the new money transfer service from channels starting off with any of Co-op Bank’s over 150 branches across the country, and later mobile and internet banking.
“We are delighted to support Co-op Bank in their drive to increase and improve cross-border payment options for their customers,” said Thunes Chief Executive Peter De Caluwe.
“We look forward to expanding their services with real-time payments globally and empowering the SME landscape in Africa.”
Speaking at the launch, Co-op Bank’s Director Retail & Business Banking William Ndumia noted that the new money transfer service would be especially significant for SMEs in Kenya, many of which face remittance challenges stemming from inefficiencies in cross-border payments.
“With Co-op Remit SMEs, who are one of our key customer segments, can now look forward to a more efficient trading experience with seamless international payments at affordable rates,” he explained.
Kenyan Business Feed is the top Kenyan Business Blog. We share news from Kenya and across the region. To contact us with any alert, please email us to [email protected]
