Postbank has signed a partnership agreement with international money transfer services firm RIA seeking a slice of the lucrative remittances business.
Postbank will be the local agent for RIA in a move it says will help it boost revenues through commissions income.
The partnership will enable RIA’s customers to use the 99 Postbank branches across the country to access money.
The bank declined to disclose its portion of commission earnings from the partnership.
RIA becomes the latest international firm to sign a deal with a local partner as it eyes a piece of the growing international remittances market that grew to $119.7 million in the month of May as per Central Bank data.
Anne Karanja, the acting Postbank MD, said this is part of Postbank’s strategy to continue seeking opportunities to fully optimise its potential through diversifying income streams.
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