NCBA Bank Plc has entered a strategic partnership with Xpress Money, a global leader in cross-border payment solutions, to offer efficient remittance services to the growing market.
The two parties signed a Memorandum of Understanding that will see NCBA customers gain access to Xpress Money’s vast network spanning over 160 countries and encompassing more than 185,000 partner locations worldwide. The customers will benefit from a number of remittance options, including Cash-to-Cash transfers, Account Credits, and Mobile Wallet services.
Infact, the MoU comes at a time that NCBA had been focusing on digitization. According to Tirus Mwithiga, NCBA Group Retail Director, 2024 is all about digitization for NCBA.
“Our new partnership with Xpress Money is just one step in enhancing diaspora remittances and ensuring secure, seamless transfers for our customers. We’ll bring unmatched convenience and quality,” he said.
The alliance serves as a strategic move to tap into the lucrative global remittance market, which is valued at an impressive Sh89.23 trillion ($689 billion). In accordance to Samir Vidhate, CEO of Xpress Money, the platform is thrilled to partner with NCBA to expand remittance services.
“We’re thrilled to empower users with secure, convenient options for sending and receiving money. We are also excited to extend the partnerships to other countries starting with Kenya. Our partnership with NCBA means better rates, swift transactions, and a focus on a great user experience for remittances, supporting flows both in and out of the country,” he said.
For the millions of Kenyans living and working abroad, this collaboration means easier, faster, and more secure ways to support their families back home. It also represents a significant step towards financial inclusion, as it brings formal financial services closer to those who might have previously relied on informal channels for international money transfers.
According to Mercy Kagwiria, Deputy Director & Head Consumer Banking, the partnership ensures sending money abroad is now even easier and more accessible.
