XM -Blog

Partnering With Kenya’s Oldest, Most Trusted Bank

July 16th, 2018

Partnering with Kenya's Oldest, Most Trusted Bank

What makes us a great way to send and receive money around the world? Beyond offering convenient money transfer services, innovative solutions, next-level security, and a reach of over 200,000 locations across the world, what truly sets us apart is our partnership with some of the most credible financial institutions around the world. We have always believed that collaboration is the most prudent way to grow in the financial sector. Taking forward our intent of collaboration, we recently partnered with the Co-operative Bank of Kenya, the oldest bank in Kenya and a trusted financial institution. With the addition of 150 branches of the Co-operative Bank of Kenya, our total network strength in Kenya has reached a total of 561 locations. Kenyan expats, who regularly send money to Kenya can use Xpress Money to send money to any Co-operative Bank of Kenya branch.

Kenya is amongst the highest recipients of remittances in Africa. According to the World Bank, the Kenyan diaspora has sent a record USD 1,970 Million through remittances in 2017. Remittances to Kenya play a crucial role in the development of the country and contributes around 2.5 percent of the country’s GDP. The money sent back home, in the form of remittances, has a large impact on beneficiaries, many of whom are dependent on money transfers for basic living facilities including food, housing, healthcare and education. This partnership with Co-operative Bank of Kenya comes after understanding the growing need of instant, secure and affordable money transfer services by customers in Kenya. Presently we are offering both, send services and receive (Cash to Cash, Account Credits and Mobile Wallets) services through partnerships with other leading banks and Forex Bureaus in Kenya.

What really makes a great partnership is having a common intent. In this case, we were in line with the bank’s vision of providing Kenyans in the Diaspora with the most affordable means of transferring their funds home for domestic support, investments and saving. Co-operative Bank has a dedicated Diaspora Banking Center, based at Co-operative Bank House that drives its business development strategies for the diaspora market. It is the only one of its kind in Kenya. Through our new partnership, we aim to provide affordable remittance services, that can be easily accessed, giving even the unbanked customers, who are mostly located at remote corners in the country, a chance to access their finances, thereby promoting financial inclusion. We are also on a mission to turn people towards legal channels of money transfer. Many Kenyans on the lookout for the cheapest way to send money to Kenya, often fall into the traps of illegitimate money transfer channels that are dangerous. Bringing down the cost of remittance to Kenya and other African countries is one of the strategic goals behind any Xpress Money partnership in the region.

Fueled by our ambition to reach every Kenyan sender and beneficiary, we have consistently built partnerships with the most trusted brands and institutions in the country. The partnership with Co-operative bank of Kenya is an addition to our illustrious catalogue with DTB, Chase Bank, Kenya Commercial Bank, Unimoni, and Gulf African Bank in the Country.