Published On: Mon, Nov 2nd, 2015

UK-Kenya remittances package launched

Dollars 1NAIROBI, (CAJ News) – THE Co-operative Bank of Kenya has partnered with SimbaPay, a digital money transfer provider, to offer international money transfer services to the bank’s customers in the Diaspora.

Nyasinga Onyancha, Chief Executive Officer SimbaPay, said the partnership was a major boost for its customers who already bank with Cooperative Bank or have friends and family using the bank.

“Bank will be glad to see their transfers being credited instantly. It’s a great milestone for banking innovation in Africa when we see a leading Tier 1 bank like Cooperative Bank working closely with a FinTech disruptor such as SimbaPay to deliver a dramatically-enhanced product,” said Onyancha.

Maurice Matumo, Director Retail and Business Banking of Co-operative Bank expressed excitement at the partnership.

“We are very pleased with our partnership with SimbaPay, which enables Kenyans abroad to send money home without suffering the cost of making the cash transfer,” said Matumo.

Matumo’s organisation plans to expand this partnership to cover more regions of the world where Kenyans live and work, to enable the economy tap the full potential of Diaspora, especially at this moment when the
need for forex inflows has become critical.

The service is currently available for the United Kingdom-Kenya remittance corridor only and will be expanded to cover more countries soon.

To send money via SimbaPay, Kenyans living in the UK with a bank account, debit card or credit card simply need to download the SimbaPay app from the Apple AppStore or Google Play and proceed to make money transfers
straight from any mobile phone, tablet or computer.

For ease of use, all 143 Co-op Bank branches have been pre-loaded on to the SimbaPay platform which eliminates the need for customers having to remember branch codes.

At the time of making a money transfer transaction using SimbaPay, users/senders will be required to select the branch of the recipient account and then enter the amount. In cases where a branch name is not known, the SimbaPay access to M-Pesa Pay Bill option can be used; this option requires only the Co-op Bank account number.

CAJ News

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