BUSINESSNews

KCB and TerraPay partner to enhance cross-border remittances


KCB Bank Kenya customers will now be able to seamlessly receive funds from the diaspora to their accounts in Kenya, powered by a partnership with TerraPay.(an affiliate company of Terra-Pay Group, a UK-headquartered digital payments infrastructure and solutions provider).

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,” Mrs. Kimtai said.

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.

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,” Mr. Sur noted.

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.

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