KCB Kenya has launched a partnership deal with Mobex, an affiliate of TerraPay Group, in a move that will see its customers receive funds from the diaspora to their accounts in Kenya.
TerraPay Group is a digital payments infrastructure and solutions provider headquartered in the UK.
Through the deal with Terra-Pay, KCB is seeking to fortify its position as a key player in the global payments ecosystem to leverage the increasing demand for digital channels.
KCB Director of Retail Banking Annastacia Kimtai said the partnership will cement the bank’s ongoing efforts to harness technology to enable its customers to enjoy modern banking.
“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,” said Kimtai.
The Kenyan bank has been accelerating financial inclusion by leveraging partnerships with fintech institutions to become a major processor of remittances and payments globally.
On his part, TerraPay Founder and CEO, Ambar Sur, lauded the partnership between KCB and Terra-Pay saying it will enhance cross-border payments in the African region and in Asia.
“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,” noted Sur.
According to Data from the Central Bank of Kenya, remittance inflows into Kenya increased by 13.2% year-on-year as of September 2022 from Sh427 billion in 2021 to Sh484 billion.
This year-on-year growth was accelerated by advances in technological innovations that helped people overcome the economic struggles brought about by the Covid-19 pandemic.
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