Co-operative Bank of Kenya partners with Thunes to rollout new global money transfer solution: Co-opRemit

By Pavithra R

Co-operative Bank of Kenya (Co-opBank), a leading financial institution in Kenya, has announced partnering with Thunes, a provider of the cross-border network that delivers smarter payment solutions for emerging economies to launch an alternative global money transfer solution: Co-opRemit.

Co-opRemit is a money transfer solution that allows Co-opBank customers to send money to a mobile wallet or bank account outside Kenya conveniently and affordably. It has a maximum limit of Ksh 1,000,000 per day and users will bear no extra charge beyond the tariff, thus offering full transparency on forex fees.

“We are delighted to support Co-operative Bank of Kenya in their drive to increase and improve cross-border payment options for their customers. We look forward to expanding their services with real-time, reliable, and convenient payments across the world, and empowering the SME landscape in Africa – two contributions which are key to driving the region’s growth,” said Thunes CEO Peter De Caluwe.

Co-opBank with access to Thunes’ fully-integrated global network, will enhance its digital banking services and deliver a convenient and cost-effective money transfer service to its customer base of over 8mn. Co-opRemit users will be able to access the new money transfer service from channels starting with Co-opBank’s branches across the country and later mobile and internet banking.

“With Co-opRemit SMEs, who are one of our key customer segments, can now look forward to a more efficient trading experience with seamless international payments at affordable rates,” said Mr William Ndumia, Co-operative Bank’s Director Retail & Business Banking.

Established since 1965, The Co-operative Bank of Kenya Limited is incorporated in Kenya under the Company Act and is also licensed to do the business of banking under the Banking Act.