This is to enable Kenyan diaspora, living in over 50 countries to send money directly to their loved ones’ personal Co-op Bank accounts in over 150 branches.
The transfers can be made directly from the senders’ mobile phones, and the receiver can withdraw the funds from a nearby Co-op Bank Agent, ATM or Branch.
World remit is a global icon that allows users in countries such as UK, US, Canada to send money back to their home countries.
Currently, over three million Kenyans live abroad, with top senders to the country including the United Kingdom, the United States, and Australia.
The World Bank estimates that in 2018 the Kenyan diaspora sent $2.7 billion in remittances, now the country’s top foreign exchange earner exceeding tea, coffee, and tourism.
According to recent WorldRemit research based on national household survey data, Kenyans abroad contribute over $300 million to children’s education nationally. Receiving remittances halves a Kenyan child’s chances of being out of school.
Director Retail Banking at Co-operative Bank of Kenya, Arthur Muchangi said, “As a bank that handles some of the largest volumes of remittances to Kenya, Co-op Bank will continue to invest in 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-operative 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.”