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-operative Bank of Kenya #ticker:COOP 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.
Thunes CEO Peter De Caluwe said the partnership will increase and improve cross-border payment options for Co-op customers.
“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.
