KCB and TerraPay partner to enhance cross-border cash flows
KCB Bank Kenya customers now have an opportunity to seamlessly receive funds from the diaspora to their accounts in Kenya, powered by a partnership with Mobex, an affiliate of Terra-Pay Group, a UK-headquartered digital payments provider.
With TerraPay onboard, the regional lender seeks to fortify its position as a key player in strengthening the global payments ecosystem by giving customers access to simple, competitive, and faster services leveraging the growing demand for digital channels.
KCB Bank Director of Retail Banking Annastacia Kimtai said: “we are reaffirming our commitment to harness technology and strategic partnerships in ensuring that our customers continue to enjoy the freedom of modern banking. What we are doing is we are utilizing 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,” Mrs. Kimtai said.
KCB has been actively championing and accelerating financial inclusion through leveraging collaborations with fintechs to become a major processor of remittances and payments globally.
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On his part, the Founder and CEO of TerraPay, Ambar Sur, said, “This is an exciting time for cross-border payments. We have no 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.”
Data from the Central Bank of Kenya indicates that remittance inflows into Kenya grew by 13.2 percent year-on-year as of September 2022 from $3.5Bn (Kes427 Billion) in 2021 to $4 Billion (Kes484 billion).
Rise in inflows was accelerated by advances in technological innovations that helped people overcome the economic struggles brought about by the Covid-19 pandemic.
