Co-op Bank and SimbaPay partner to offer Diaspora Remittances
The Co-operative Bank of Kenya has today announced a new partnership with SimbaPay to offer international money transfer services to the bank’s customers in the Diaspora.
The service which is currently available for the UK-Kenya remittance corridor only and see Co-operative Bank accounts receiving the funds being credited instantly.
”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.” Nyasinga Onyancha, CEO SimbaPay said
“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.” he added.
Co-op Bank has also created a dedicated Diaspora Banking department at its Co-op House headquarters to offer banking service to Kenyans abroad.
“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.” Maurice Matumo, Director Retail and Business Banking, Co-operative Bank said.
“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.” he added.
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, which was also named the overall winner at the just concluded Demo Africa 2015, 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.
For ease of use, all 143 Co-op Bank branches have also been pre-loaded on to the SimbaPay platform which eliminates the need for customers having to remember branch codes. At the time of making a money transfer transaction using SimbaPay, users/senders will be required to select the branch of the recipient account and then enter the amount. In cases where a branch name is not known, the SimbaPay access to M-Pesa Pay Bill option can be used; this option requires only the Co-op Bank account number.
The bank says the service will expand to cover more countries soon.