According to a press release on December 15, 2020 by the two financial institutions, Co-opRemit simplifies the process of real-time money transfers particularly within Africa. The service allows Co-op Bank customers in Kenya to send money outside the country quickly at an affordable rate.
With Co-opRemit, customers can send money directly to a foreign bank account or mobile number. This means that Co-opRemit is ideal for SMEs, parents with children studying abroad, and persons with relatives seeking medical treatment abroad.
Speaking during the launch, Co-op Bank’s Director Retail & Business Banking William Ndumia observed that SMEs in Kenya face remittance challenges caused by inefficiencies in cross-border payments.
How Co-opRemit Works
To access Co-opRemit, you must have enough funds in your Co-opBank account. You then need to visit over 150 Co-opBank branches across the country with the following documents and details:
- Your official identification document (ID, passport, etc.).
- Destination Country.
- Details of the recipient: bank account number or mobile number.
Maximum limit for sending money with the new service is Ksh 1,000,000 per day. The cost for transfers is between USD 2.50 and USD 12.50 depending on the amount involved. Transfers will bear no extra charge beyond the tariff.
Co-opRemit is the latest entrant in the ever growing international money transfer market for sending money to and from Kenya.