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.
IBSi Daily News Analysis
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage