KCB digital pay deal allows easy diaspora remittances – Business Daily
Customers being served at a Kenya Commercial Bank (KCB) branch in Nairobi. FILE PHOTO | NMG
KCB Bank Kenya has partnered with a global digital payment provider to promote cross-border remittances where the lender’s customers will receive funds from the diaspora to their accounts.
The partnership with Mobex- an affiliate company of TerraPay Group- will see KCB strengthen its position in the global payments ecosystem.
This is through giving its customers access to simple, competitive, and faster services leveraging the growing demand for digital channels.
“This is an exciting time for cross-border payments. We do not doubt that this new partnership with KCB Bank will help us remove the barriers around cross-border money transfers through seamless, secure, and real-time payments across Africa and Asia,” said Ambar Sur, the founder, and chief executive of TerraPay.
Kenya has been a leader in embracing technology to enhance financial inclusion.
TerraPay is a global company that provides infrastructure and supports diverse payment instruments around the world.
The firm promised to enhance its relations with Kenyan financial institutions to capitalise on emerging technologies and better global transactions.
KCB’s bank director of retail banking Annastacia Kimtai said the lender was committed to harnessing technology using partnerships to ensure their clients enjoy modern banking.
“What we are doing is we are utilising fintech capabilities to build linkages and strategic partnerships with like-minded partners to ensure that our customers have access to top-of-class remittance services,” said Ms Kimtai.
Data from the Central Bank of Kenya indicates that remittance inflows into Kenya grew 13.2 percent in the year to September to $4 billion (Sh484 billion) from $3.5 billion (Sh427 billion) in the prior year.
The United States is the largest source of remittances to Kenya while other key source markets are the UK, Saudi Arabia, Australia, and Canada.
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