Co-op Partners With Xpress To Help Kenyan Diasporans Send and Receive Cash

Kenyans in the diaspora will now have an easier, fast and reliable way of sending and receiving money to and from their loved ones following a partnership between Xpress Money and the Co-operative Bank of Kenya (Co-op Bank).

As a move to increase its footprint and strengthen its presence in the country, Xpress Money’s partnership with Co-op Bank will make many transfer services more convenient to Kenyans.

Customers will be able to access a total of 561 agent locations, which includes 150 branches of Co-op Bank when sending and receiving money.

Remittances to Kenya play an important role in the development of the country and contributes around 2.5 percent of the country’s GDP. The money sent back home, in the form of remittances, has a large impact on beneficiaries, many of whom are dependent on money transfers for basic needs including food, housing, healthcare and education.

Xpress Money is looking at increasing its footprint in the country to ensure convenient, affordable and secure money transfer services. This partnership with Co-op Bank expands access to Xpress Money significantly on account of the bank’s nationwide branch network.

Xpress Money offers both SEND and RECEIVE (Cash to Cash, Account Credits and Mobile Wallets) services through such partnerships.

Sudhesh Giriyan, COO, Xpress Money noted that Kenya was among the highest recipients of remittances in Africa.

According to the World Bank, the Kenyan diaspora has sent a record USD 1.97 Billion through remittances in 2017. There is a huge demand for simple and convenient money transfer service options in the country.

“Through our new partnership, we aim to provide affordable remittance services, that can be easily accessed, giving even the unbanked customers, who are mostly located at remote corners in the country, a chance to access their finances, thereby promoting financial inclusion,” said Sudhesh Giriyan.

Co-op Bank’s Managing Director and CEO, Dr. Gideon Muriuki confirmed their commitment to support remittances, saying that as a bank that handles some of the largest volumes of remittances to Kenya, they shall continue to invest in such partnerships that provide Kenyans in the Diaspora with the most affordable and secure means of transferring their funds home for domestic support, savings and investment.

“Co-op Bank has a dedicated Diaspora Banking Center that is available 24/7 to serve diaspora clients irrespective of time zones, the first of its kind in Kenya,” added Dr. Muriuki.