December 17, 2020//-Co-operative Bank of Kenya has launched a global money transfer solution that will allow customers to send up to Sh1 million daily to a mobile wallet or bank account outside Kenya.
The lender says that it has partnered with Thunes, a cross-border payment provider, to launch the solution dubbed Co-opRemit.
Among the targeted customers are micro, small, and medium enterprises, parents with children studying abroad and people with relatives seeking medical treatment abroad.
Co-op Bank says cost will be pegged at between Sh278 ($2.50) and Sh1,393 ($12.50), depending on the amount being transferred.
“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,” said William Ndumia, Co-op Bank’s director for retail and business banking.
Customers will be allowed to send money directly to a foreign bank account or mobile number, with Co-op saying the service will be accessed at the branches as well as on mobile and internet banking platforms.
“We look forward to expanding their services with real-time, reliable, and convenient payments across the world, and empowering the SME landscape in Africa,” said the De Caluwe.
The new solution will add to Co-op’s internet-banking solution which was at the end of last year serving 89,959 customers, with over 16,500 being Kenyans living in diaspora.
Co-op in launched diaspora banking in 2010 and has been deepening its focus on cross border activities such as money transfers for businesses and individuals.
