Postbank has announced its partnership with Xpress Money, one of the most dependable money transfer brands in the world. Express Money’s convenient money transfer services are now available across all 98 branches of the bank in Kenya. With this service, customers can send and receive money conveniently in the country by virtue of Xpress Money’s global network of 185,000 partner locations in 170 countries. Xpress Money, a Finablr company, is a well- known global money transfer organisation. It has been engaged in convenient money transfer business for over 19 years.
While unveiling this partnership, Postbank’s Managing Director, Ms. Anne Karanja noted that the economy of Kenya sets to benefit from money transfer services, particularly since such services directly encourage banking and enhance the velocity of money. These are fundamental cornerstones of economic activity which contribute over three percent of the country’s Gross Domestic Product (GDP).
Ms. Karanja also reaffirmed that the bank has embarked on a journey to provide enhanced financial and affordable banking services as well as access to remittances from all over the world to Kenyans. “We customize our products and services to meet our clients’ specific account management, payments, collections and liquidity management requirements,” she emphasized.
“Through the partnership, Kenyans will be able to send money to their loved ones across borders conveniently and reliably with low transfer fees and very competitive exchange rates,” Ms. Karanja further said, adding that due to the bank’s strong network, customers’ money will reach their desired destinations efficiently.
By combining its experience and knowledge with an international money transfer organisation like Xpress money, the bank expects to achieve exponential growth in financial inclusion across the country.
Speaking about the partnership, Xpress Money CEO, Sudhesh Giriyan said: “Kenya is a very important market for us, we have been strategically expanding our footprint across the country to facilitate convenient money transfer services for our customers. We understand the importance of remittances in the lives of Kenyans and we shall leave no stone unturned in making money transfer services accessible, affordable and convenient. We have a robust expansion plan for Kenya and partnering with a trusted name like Postbank is part of that framework.”
This partnership is anticipated to grow Postbank’s money transfer market share, besides opening additional revenue lines for the bank. This is in line with its vision – being the bank of choice. “Postbank continues to command an impressive product portfolio that has propelled it to great heights. This is one of the ways the bank has continued to use in making effective inroads into the competitive business environment,” said Ms. Karanja. The bank seeks opportunities to fully optimize its potential through diversifying income streams and evolving to accommodate customers’ needs. It has therefore tapped into a new opportunity of facilitating the flow of capital from the diaspora which will boost savings and make banking part of its customers’ lifestyle in a convenient and efficient way. The bank boasts of a presence in 43 counties.