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.
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