KCB Bank Kenya customers can now seamlessly receive funds from the diaspora to their accounts in Kenya, powered by a partnership with Mobex, an affiliate company of Terra-Pay Group, a UK-headquartered digital payments infrastructure and solutions provider.
With TerraPay, KCB Bank is seeking a larger pie of the global payments ecosystem by giving its customers access to simple, competitive, and faster services leveraging the growing demand for digital channels.
KCB Bank Director of Retail Banking 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.”
KCB has been championing acceleration of financial inclusion by leveraging collaborations with fintech institutions.
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 from $3.5 billion (Kshs 427 billion) in 2021 to $4 billion (Kshs 484 billion) in September 2022.