KCB Bank Kenya and Mobex (an affiliate company of TerraPay Group, a UK-headquartered digital payments infrastructure and solutions provider) have partnered to allow customers seamlessly receive funds from the diaspora to their accounts in Kenya.
With TerraPay onboard, KCB Bank seeks to fortify its position as a key player in strengthening the global payments ecosystem by giving its customers access to simple, competitive, and faster services leveraging the growing demand for digital channels.
Speaking on the announcement, KCB Bank Director of Retail Banking, Mrs. Annastacia Kimtai said, “We are reaffirming our commitment to harness technology and strategic partnerships in ensuring that our customers continue to enjoy the freedom of modern banking. What we are doing is we are utilizing 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.”
The Bank has been at the forefront of actively championing and accelerating financial inclusion through leveraging collaborations with fintech institutions to become a major processor of remittances and payments around the world.
On his part, the Founder and CEO of TerraPay, Ambar Sur, said, “This is an exciting time for cross-border payments. We have no 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.”
Data from the Central Bank of Kenya indicates that remittance inflows into Kenya grew by 13.2% year-on-year as of September 2022 from $ 3.5Bn (Kshs. 427Bn) in 2021 to $ 4Bn (Kshs. 484Bn). This was accelerated by advances in technological innovations that helped people overcome the economic struggles brought about by the COVID-19 pandemic.
KCB Bank Kenya Limited is the largest commercial bank in the country. A subsidiary of KCB Group Plc, the Bank has the largest branch network, with over 200 branches, 367 ATMs and 16,000 agents offering banking services on a 24/7 basis in East Africa.
This is complemented by mobile banking and internet banking services with a 24-hour contact center services for our customers to get in touch with the Bank. KCB Group Plc – which also has presence in Uganda, Tanzania, South Sudan, Burundi, Rwanda and a representative office in Ethiopia also boasts of a wide network of correspondent relationships totaling over 200 banks across the globe and our customers are assured of a seamless facilitation of their international trade requirements wherever they are.
TerraPay Group’s cross-border payments infrastructure is designed to remove complexities and enable streamlined payments for all its partners–from money transfer organizations, mobile wallet operators, and other licensed payment providers, in real-time.