Kenya Commercial Bank has partnered with Mobex, a global digital payment provider and an affiliate company of TerraPay Group, in an effort to promote cross-border remittances. KCB customers who will use the service will be able to receive funds from the diaspora to their local accounts.
“This is an exciting time for cross-border payments. We do not 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,” Ambar Sur, the founder, and chief executive of TerraPay, said.
The partnership with Mobex – an affiliate company of TerraPay Group – will see KCB strengthen its position in the global payments ecosystem.
“What we are doing is we are utilising 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,” Ms Kimtai, KCB’s bank director of retail banking, said.
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KCB is joining international banks such as Standard Charted that have adopted global payment systems with an aim of providing its customers with access to simple, competitive, and faster services at the background of growing demand for digital services.
TerraPay, a global organisation that provides infrastructure and financial support to banks that are keen on embracing diverse payment instruments around the world, recently promised to enhance its relations with Kenyan financial institutions to leverage on emerging technologies and improved global transactions.
Data seen by The Kenya Times from the Central Bank of Kenya indicates that remittance inflows into Kenya increased by 13.2 per cent between January and September – from Sh427 billion Sh484 billion.
