NCBA Bank Plc has partnered with Xpress Money to expand its global remittance network. The partnership will enable customers to send and receive money across over 160 countries.
A press statement by NCBA bank on November 13, 2024, in Nairobi revealed that the bank has signed a Memorandum of Understanding (MoU) with Xpress Money, a cross-border international payment solutions platform, to offer efficient remittance services to its diaspora customers.
Moreover, the press release highlighted that the strategic partnership would provide NCBA customers access to an affordable, reliable, secure, and convenient platform for sending and receiving money across Xpress Money’s global network, which includes over 185,000 partner locations in over 160 countries.
Speaking at the MoU sign-off event, NCBA Group Retail Director Tirus Mwithiga said, “As a customer-centric institution, we are thrilled to embark on another strategic partnership to assist our customers in the diaspora in making safe and fast transactions with a trusted brand. This partnership aligns with our strategic goal to be the leading bank for the Kenyan diaspora. Together, we aim to increase remittance volumes and provide value to both senders and receivers.”
“In 2024, the bank has prioritized digitization as a core strategic focus and has embarked on revamping its Diaspora Banking value proposition to remain competitive. Part of this revamp involves forming strategic partnerships with fintechs to enhance diaspora remittances, ensuring we fully support the diaspora market. The deal with Xpress Money is one of the key initiatives to achieve this,” he added.
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Xpress Money Services
Xpress Money provides both sending and receiving services through Cash-to-Cash, Account Credits, and Mobile Wallets.
Xpress Money CEO Samir Vidhate commented, “We are excited to collaborate with NCBA and extend our remittance services to their customers. Our partnership with NCBA underscores our commitment to providing convenient and secure money transfer solutions to customers across the globe.”
“Together, we aim to make the process of sending money home faster, simpler, and affordable for NCBA customers,” Samir added.
Moreover, Xpress Money was established in 1999 and has since then fostered partnerships with trusted institutions, in a bid to widen its reach for remittance solutions, leveraging the USD 689 billion remittance industry.
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NCBA Bank & Xpress Money
NCBA Group is a full-service banking group providing a broad range of financial products and services to corporate, institutional, SME, and consumer banking customers. The bank operates a network of more than 100 branches in five countries, including Kenya, Uganda, Tanzania, Rwanda, and Ivory Coast. Serving over 60 million customers, the NCBA Group is the largest banking group in Africa by customer numbers.
Notably, it is Kenya’s third-largest bank by assets and plays a key role in supporting Africa’s economic ambitions. The bank is a market leader in Corporate Banking, Asset Finance, and Digital Banking.
Xpress Money is one of the leading money transfer brands globally, with a thriving presence across five continents. It was established in 1999, and the brand has expanded its geographical presence to 180 countries over the past decade.
Since its acquisition by new ownership under a holding company based in the Abu Dhabi Global Market (ADGM), Xpress Money has become one of the most reliable money transfer brands, offering omnichannel origination and distribution, including Direct to Account, Mobile Wallet Credits, and Cash Payout.
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