Co-operative Bank of Kenya has partnered with UK’s 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.
The new deal will allow Kenyan diaspora living in over 50 countries to send money directly to their loved ones’ personal Co-op Bank accounts in over 150 branches in Kenya. 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.
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: “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.”