KCB Bank Kenya in partnership with Western Union, a leader in cross-border, cross-currency money movement and payments have yet again enhanced money transfer services for their local and international mutual customers.
Customers can now enjoy an easy, transparent, and convenient way to send and receive international money transfers after the launch of Western Union digital money transfer services via KCB’s mobile banking App.
The integration of Western Union’s cross-border, cross-currency functionalities offer a 24/7 seamless experience for users of KCB’s mobile banking App. Customers can send money using funds from their bank accounts and choose for the receiver to have the money paid out to their bank account or at retail, depending on the country they reside.
KCB Bank Kenya Chief Commercial Officer, Mr. Samuel Makome said: “We are excited to offer Western Union digital money transfer services to our customers especially with the shifts in consumer preferences to digital transactions amid the current pandemic. The launch of Western Union cross-border money transfer functionality on the KCB mobile banking App provides our customers with an easy, transparent and convenient way to send and receive international money transfers from the comfort of their home.”
Western Union’s extensive global financial network provides access to billions of bank accounts and millions of mobile wallets in 120 countries, and more than half a million agent locations in more than 200 countries and territories. KCB customers will now be able to receive international money transfers direct to their KCB accounts using Western Union’s unique tracking number (MTCN) along with other requested information.
“Customers globally, and in Kenya want flexibility and trust in their cross-border money transfers and payments. At Western Union, we give them both. We are delighted with the opportunity to integrate our global money movement capabilities to enhance the customer experience of KCB Bank, one of Kenya’s leading financial institutions, as we provide customers with access to one of the biggest global financial networks," said Mohamed Touhami El Ouazzani, Regional Vice President, Africa, Western Union.
"Digital partnerships, such as the one we announce today, are a win-win for both customers and the banking sector, as they enable more convenience, speed and transparency in global money transfers. Western Union’s open platform strategy is enabling financial institutions and other organizations to solve the complexities of cross-border, cross-currency transactions and scale their services globally for customers,” El Ouazzani said.
Kenya heavily relies on diaspora remittances for its foreign exchange income and economic development. In 2020, remittances into Kenya reached an all-time high of $3.094 billion from $2.796 billion received in 2019 according to the latest data from the Central Bank of Kenya (CBK). North America accounted for the bulk of the remittance inflow, followed by Europe.