Fidelity Bank ventures into money transfer

NAIROBI, KENYA: Fidelity Bank has signed a deal with UK based payment institution Xpress Money Services to offer money transfer services between Kenya and the rest of the world. The deal with will give bank customers the flexibility and access to Xpress Money's 170,000 agents across 150 countries worldwide.

Fidelity Bank Executive Director Sultan Khimji said customers will enjoy Xpress Money's speed of transfer and convenient payout to a point close to the beneficiary. This is due to the bank's huge agency network. "One of the critical aspects of a money transfer agency that we were looking for is convenience the agency would offer our customers. Over and above this, Xpress Money's commissions are the lowest in the market which is good for our customers", noted Khimji. He said apart from convenience and lower commissions, Xpress Money are regulated by the UK's Financial Services Authority which ensures security and high operating standard. This is through the provision of consistent service in terms of network safety and reliability.