Thunes/Co-opBank of Kenya: new money transfer solution
In an announcement made by the Co-operative Bank of Kenya (Co-opBank), the financial institution has partnered with Thunes - a cross border payments provider to launch an alternative global money transfer solution known as Co-opRemit©.
The new solution - Co-opRemit© - is said to streamline the process of real time money transfers, particularly in Africa. The solution allows Co-opBank customers in Kenya to move funds across the world quickly, and at an affordable rate.
The solution allows customers to send money directly to foreign bank accounts or mobile numbers, with full transparency on forex fees due to having no extra changes beyond the tariff.
In partnering with Thunes, the Co-opBank will have access to the payment provider’s fully integrated global network to enhance its digital banking services, as well as provide a convenient and cost effective way to transfer money to its customer base of 8mn people.
"We are delighted to support Co-operative Bank of Kenya in their drive to increase and improve cross-border payment options for their customers. We look forward to expanding their services with real-time, reliable, and convenient payments across the world, and empowering the SME landscape in Africa – two contributions which are key to driving the region's growth," commented Thunes CEO Peter De Caluwe.
Speaking at the launch of the new solution, the Co-opBank’s Director of Retail & Business Banking, William Ndumia commented that the new service will be significant for SMEs in Kenya who face remittance challenges which stem from inefficient cross-border payments.
"With Co-opRemit© SMEs, who are one of our key customer segments, can now look forward to a more efficient trading experience with seamless international payments at affordable rates,” added Ndumia.