Western Union, KCB Group launch money transfer service

Western Union, a global leader in payment services and Kenya Commercial Bank (KCB) Group has announced the launch of Account Based Money Transfer service (ABMT) for its customers in Kenya allowing them to receive cash from more than 200 countries around the world.

Western Union and Kenya Commercial Bank have announced the launch of Account Based Money Transfer service. (Image source: Shutterstock)

KCB Retail Banking will allow its customers to direct Western Union international money transfers into their bank accounts via online banking, call-centre as well as through the KCB retail network.

The new electronic service launch is an extension of the two companies’ successful collaboration across East Africa. Account-Based Money Transfer allows recipients to move funds directly into their KCB accounts in minutes once it has been sent from any of Western Union’s 489 000 Agent locations worldwide; allowing KCB’s customers to access their funds 24/7.

Richard Malcolm, regional vice president, Southern & East Africa, Western Union, said, “Western Union is pleased to strengthen this mutually productive and beneficial relationship with the inclusion of electronic banking channels that are customer-centric and technologically advanced. This cooperation with KCB demonstrates Western Union’s continual commitment to providing reliable and convenient world-class money transfer services in addition to expanding our user base.”

KCB Group Chief Executive Officer, Joshua Oigara observed “Our customers, at home and abroad, now have three options to choose from that allows them to receive money from Account Based Money Transfer Services. The money transfer services can be done through the call-centre, online banking, and at the teller counter enabling our customers to enjoy faster services, extended banking hours and convenience.”

“In addition, our focus for our customers this year is to provide seamless and value-adding banking and financial services in the markets in which we operate.  As a Bank we do believe that leveraging on partnerships is the way to go in facilitating access to banking services for both banked and non-banked customers taking financial inclusion to the next level,” he said.

Over the years Diaspora remittances have recorded steady growth – according to the Central Bank of Kenya Report, Diaspora remittances inflows reached Kshs 8.7 billion (US$ 102.4 million) in February 2013.

KCB Group has been offering the Western Union Money Transfer service in Kenya since 2005 and is available at KCB Bank Tanzania, KCB Bank Uganda, KCB Bank South Sudan, KCB Bank Rwanda and KCB Bank Burundi.

*Image via Shutterstock

Staff Writer