Co-op Bank of Kenya partners SimbaPay on Diaspora Remittances
The Co-operative Bank of Kenya has partnered with SimbaPay a digital money transfer provider, to offer international money transfer services to the bank’s customers in the Diaspora.
For the service, Co-operative Bank accounts receiving the funds will be credited instantly.
The service is currently available for the UK-Kenya remittance corridor only and will be expanded to cover more countries soon.
commenting on the service, the chief executive officer for SimbaPay, Nyasinga Onyancha stated that, “our customers who already bank with Cooperative Bank or have friends and family using Cooperative Bank will be glad to see their transfers being credited instantly.”
He added that “it’s a great milestone for banking innovation in Africa when we see a leading Tier 1 bank like Cooperative Bank working closely with a FinTech disruptor such as SimbaPay to deliver a dramatically-enhanced product.”
in his remarks, the director retail and business banking co-operative Bank, Maurice Matumo noted that, “we are very pleased with our partnership with SimbaPay, which enables Kenyans abroad to send money home without suffering the cost of making the cash transfer.”
Matumo maintained that, “we hope to expand this partnership to cover more regions of the world where Kenyans live and work, to enable the economy tap the full potential of Diaspora, especially at this moment when the need for forex inflows has become critical.”
Base on this, Co-op Bank has created a dedicated Diaspora Banking department at its Co-op House headquarters to offer a more fulfilling banking service to Kenyans abroad.
According to the World Bank, Kenyans abroad currently send home an estimated $2.5 billion annually making remittances Kenya’s largest foreign exchange earner.
To send money via SimbaPay, Kenyans living in the UK with a bank account, debit card or credit card simply need to download the SimbaPay app from the Apple AppStore or Google Play and proceed to make money transfers straight from any mobile phone, tablet or computer.