The Co-operative Bank of Kenya has partnered with SimbaPay, a digital money transfer provider, to offer international money transfer services to the bank’s customers in the Diaspora.
Co-operative Bank accounts receiving the funds will be credited instantly. The service is currently available for the UK-Kenya remittance corridor only and will be expanded to cover more countries soon.
Nyasinga Onyancha, CEO for SimbaPay commented “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.” He added that “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.”
Maurice Matumo, Director Retail and Business Banking, Co-operative Bank said “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.” He added, “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.”