MONEY TRANSFER

PostBank partners with Xpress Money to ease diaspora remittance in Kenya

This is expected to ease diaspora remittance which is currently Kenya's leading forex earner

In Summary

•This partnership is anticipated to grow Postbank’s money transfer market share and open additional revenue lines for the Bank

Kenya Bankers Association chief executive Habil Olaka with Post Bank managing director Anne Karanja during a forum for the Association of Savings Banks of East Africa at Nairobi's Hilton Hotel, November 27,2017. /ENOS TECHE
Kenya Bankers Association chief executive Habil Olaka with Post Bank managing director Anne Karanja during a forum for the Association of Savings Banks of East Africa at Nairobi's Hilton Hotel, November 27,2017. /ENOS TECHE

Postbank yesterday announced a partnership with Xpress Money, a move that will see the bank’s customers transfer money conveniently to 170 countries across the world.

This partnership is anticipated to grow Postbank’s money transfer market share and open additional revenue lines for the Bank.

Speaking during the function, PostBank managing director Anne Karanja said the economy is set to benefit from money transfer services since they directly encourage banking and enhance the velocity of money; fundamental cornerstones of economic activity and contributes over three per cent of the country’s GDP.

She added that the partnership will strengthen the bank’s position in striving to provide enhanced financial services, affordable banking services and access to remittances from all over the world to Kenyans.

Through the partnership, Kenyans will be able to send money to their loved ones across borders conveniently and reliably with low transfer fees and very competitive exchange rates,’’ Karanja said

''We simply are tapping into an opportunity to facilitate the flow of capital from the diaspora which will boost savings, make banking part of our customers’ lifestyle in a uniquely convenient and efficient way,”Karanja said.

Speaking about the partnership, Xpress Money CEO, Sudhesh Giriyan said Kenya they understand the importance of remittances in the lives of Kenyans and they will strive to make money transfers accessible, affordable and convenient.

‘’We have a robust expansion plan for Kenya and partnering with a trusted name like PostBank is a part of that framework,’’ Giriyan said.