To enable its customers to easily receive money from the diaspora into their Kenyan accounts, KCB Bank Kenya has partnered with Mobex.
Mobex is a subsidiary of the UK-based Terra-Pay Group, a provider of infrastructure and services for digital payments.
With TerraPay on board, KCB Bank hopes to improve its position as a significant contributor to improving the global payments ecosystem by providing its clients with quick, inexpensive, and easy-to-use services that take advantage of the expanding use of digital channels.
“We are reaffirming our commitment to harness technology and strategic partnerships in ensuring that our customers continue to enjoy the freedom of modern banking,” KCB bank director of retail banking Annastacia Kimtai said.
According to her, the bank is utilising fintech skills to create connections and strategic alliances with partners who share its values in order to guarantee that consumers have access to world-class remittance services.
In order to become a significant processor of remittances and payments around the world, the bank has been at the forefront of aggressively promoting and advancing financial inclusion through leveraging partnerships with fintech institutions.
“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,” the founder and CEO of TerraPay, Ambar Sur, said.
Remittance inflows into Kenya, according to data from the Central Bank of Kenya, increased by 13.2% annually as of September 2022, from US$3.5 billion (KSh427 billion) in 2021 to US$4 billion (KSh484 billion).
Technological developments that assisted people in overcoming the financial hardships imposed by by the Covid-19 pandemic enhanced this.