KCB and TerraPay partner to Enhance Cross-border Remittances
KCB Bank Kenya and Mobex have partnered to provide a seamless experience for customers to wire money from the diaspora to their local accounts. KCB Bank seeks to fortify its position as a key player in strengthening the global payments ecosystem by giving its customers access to simple, competitive, and faster services leveraging the growing demand for digital channels.
Mobex is an affiliate company of Terra-Pay Group, a UK-headquartered digital payments infrastructure and solutions provider. The collaboration aligns with KCB’s aim to accelerate financial inclusion and processor of remittances through a partnership with fintech institutions.
Speaking on the announcement, KCB Bank Director of Retail Banking Mrs. 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.
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,” Mr. Sur noted.
Data from the Central Bank of Kenya indicates that remittance inflows into Kenya grew by 13.2% year-on-year as of September 2022 from $ 3.5Bn (Kshs. 427Bn) in 2021 to $ 4Bn (Kshs. 484Bn). This was accelerated by advances in technological innovations that helped people overcome the economic struggles brought about by the Covid-19 pandemic