Barely a week goes by, it seems, without the announcement of another digital money transfer service in Africa. The latest involves Co-operative Bank of Kenya, a leading financial institution in Kenya and the larger East Africa region, and Thunes, a cross-border payment provider.
These partners have got together to launch what is referred to as an alternative global money transfer solution. Called Co-opRemit, it streamlines the process of real-time money transfers, particularly within Africa, allowing Co-op Bank customers in Kenya to move funds across the world quickly at an affordable rate.
Customers may send money directly to a foreign bank account or mobile number. Thunes says money transfers through this platform will bear no extra charge beyond the tariff, thus offering full transparency on forex fees.
With access to its fully integrated global network, says Thunes, Co-op Bank will enhance its digital banking services and deliver a convenient and cost-effective money transfer experience to its customer base of over 8 million.
Co-opRemit users will be able to access the new money transfer service from a number of channels starting off with any of Co-op Bank’s over 150 branches across the country. Mobile and internet banking will follow over time.
Thunes, a B2B cross-border payments network that enables corporates and financial institutions to move funds seamlessly and provide financial services in emerging markets, has been in the news a lot of late. Notable successes include a partnership aimed at the Myanmar diaspora in Singapore and another aimed at the Mongolian diaspora worldwide. More recently it has raised $60 million in Series B financing as it continues expansion plans in emerging markets.