NCBA partners with Xpress Money for global money transfers across 160 countries
NCBA Bank has announced a strategic partnership with Xpress Money, a leading international payment solutions provider, aimed at enhancing remittance services for its diaspora customers.
The collaboration, formalized through a Memorandum of Understanding (MoU), will enable NCBA customers to send and receive money across a vast network spanning over 160 countries, offering improved access to secure and affordable financial solutions.
The agreement grants NCBA access to Xpress Money’s extensive global network, which includes more than 185,000 partner locations. Through this partnership, NCBA aims to provide its customers with a reliable and efficient platform for international money transfers, catering particularly to the needs of the Kenyan diaspora community.
Tirus Mwithiga, NCBA Group Retail Director, highlighted the significance of the partnership during the MoU signing ceremony. He stated, “As a customer-centric institution, we are thrilled to embark on another strategic partnership to assist our customers in the diaspora in making safe and fast transactions with a trusted brand.
This partnership aligns with our strategic goal to be the leading bank for the Kenyan diaspora. Together, we aim to increase remittance volumes and provide value to both senders and receivers.”
Mwithiga emphasized that the collaboration with Xpress Money aligns with NCBA’s broader strategy for 2024, which focuses heavily on digitization and enhancing its Diaspora Banking services. The bank has been actively revamping its value proposition for diaspora customers, forming partnerships with key fintech players to ensure a comprehensive and competitive offering.
He noted, “Part of this revamp involves forming strategic partnerships with fintechs to enhance diaspora remittances, ensuring we fully support the diaspora market. The deal with Xpress Money is one of the key initiatives to achieve this.”
Xpress Money, established in 1999, has built a reputation for providing reliable cross-border payment services, offering a variety of options such as Cash-to-Cash transfers, Account Credits, and Mobile Wallets. The company’s CEO, Samir Vidhate, expressed enthusiasm about the partnership, saying, “We are excited to collaborate with NCBA and extend our remittance services to their customers. Our partnership with NCBA underscores our commitment to providing convenient and secure money transfer solutions to customers across the globe. Together, we aim to make the process of sending money home faster, simpler, and affordable for NCBA customers.”
The partnership aims to tap into the growing global remittance market, valued at USD 689 billion, positioning both NCBA and Xpress Money to better serve the needs of customers seeking efficient and trustworthy money transferservices.
