Co-operative Bank Of Kenya Teams With Thunes On SMB Transfers

To roll out an alternative international money transfer offering called Co-opRemit, the Co-operative Bank of Kenya has teamed with international payment provider Thunes, according to an announcement.

“We are delighted to support Co-operative Bank of Kenya in their drive to increase and improve cross-border payment options for their customers,” Thunes CEO Peter De Caluwe said in the announcement.

De Caluwe said the company will help grow the bank’s offerings with accessible, dependable and live payments throughout the globe, while helping the small- to medium-sized business (SMB) landscape in Africa.

Co-opRemit simplifies live money transfers, especially in Africa, letting the financial institution’s clients in Kenya expediently move funds throughout the globe at a cost-effective price, according to the announcement.

“With Co-opRemit [SMBs], who are one of our key customer segments, can now look forward to a more efficient trading experience with seamless international payments at affordable rates,” said Co-operative Bank of Kenya Director of Retail & Business Banking William Ndumia in the announcement.

Co-opRemit users will be able to harness the new money transfer offering from channels beginning with any of the bank’s more than 150 locations throughout the nation, with online and mobile banking to come.

Co-operative Bank of Kenya works with 8.8 million clients such as co-operative societies, non-governmental organizations (NGOs), government, institutions, corporations, micro businesses, SMBs and consumers, according to the announcement.

In separate news from earlier this month, Paydek, a United Kingdom payments company, collaborated with Thunes to provide a broader international reach and stronger payment choices to customers.

In September, Thunes announced that it had landed $60 million in Series B funding. The infusion was meant to help with expansion in Latin America, Africa and Asia, the firm, which is based in Singapore, said at the time.

“Our goal is to make financial services affordable and accessible to everyone,” De Caluwe said in a statement at the time.