Co-op Bank ventures into global money transfer deal

Co-operative Bank, Nairobi CBD. [Courtesy]

Co-operative Bank has partnered with Thunes, a cross-border payment provider, to launch a global money transfer service dubbed Co-opRemit.

The service will allow real-time money transfers, particularly within Africa, allowing Co-op Bank customers to move funds at affordable rates.

The deal will see Co-op Bank customers send money to a foreign bank account or mobile number. “We are delighted to support Co-op Bank in their drive to increase and improve cross-border payment options for their customers,” said Thunes Chief Executive Peter De Caluwe.

“We look forward to expanding their services with real-time payments globally and empowering the SME landscape in Africa.”

Co-op Bank Director Retail and Business Banking William Ndumia said the cash transfer service will boost SMEs, many of which face remittance challenges.

“With Co-opRemit, SMEs can now look forward to a more efficient trading experience with seamless international payments," he said.