Co-op Bank partners with WorldRemit for digital money transfers

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Co-operative Bank of Kenya (Co-op) has partnered with WorldRemit a leading digital money transfers company to enable transfers to its over 6 million accounts or 150 cash pickup points countrywide.

By 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.

When one uses WorldRemit, you save time and money as one can send funds home in a few taps from their phones without having to visit a bricks and mortar agent. Customers sending money to Kenya can choose from a variety of convenient pay-out options including bank transfers, cash pickup, mobile money and airtime top up.

Currently, 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. 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, had this to say about the partnership, “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.”

 

 

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