KCB and Western Union ink mobile self-service money transfer agreement

KCB customers can now use their phones to access cash from abroad and transfer to their bank accounts in a deal between the lender and Western Union following the launch of a new system.

The mobile phone-based money transfer service will give customers the option to direct money transferred from abroad via Western Union services into their bank account through their mobile phones.

Customers will be able to enjoy extended service availability via KCB mobile banking by dialing *522# from their mobile phones and follow on-screen instructions that will allow the funds to be delivered to their account anytime, anywhere.

“We are intensifying our level of investment in digital banking to give our customers faster and more convenient services, understanding that the future of banking is in digital,” said Edward Ndichu, KCB Head of Digital Financial Services and Mobile Payments.

The new system will also allow KCB customers to pick up transactions sent via the Western Union Money TransferSM service from all KCB locations, or call KCB call center to direct money into their account.

“Going forward, our focus is to provide seamless and value-added banking and financial services in the markets where we operate. We believe that leveraging relationships with trusted brands like Western Union is an important way to facilitate access to banking services for both banked and non-banked consumers, and take financial inclusion to the next level,” said Mr Ndichu.

 This new service is available 24 hours throughout the week. Customers can also access Western Union service by calling the 24 hour KCB call centre or by visiting any of the bank’s over 190 branches in Kenya.

Richard Malcolm, Regional Vice President of Southern and East Africa for Western Union said they are adapting to changing needs to satisfy their customers’ needs.

“We are pleased to offer even more ways for consumers to receive funds, through digital banking channels that meet the changing needs of consumers,” said Mr Malcom.

“This represents a natural evolution in Western Union’s multi-channel strategy to reach new digital-savvy, banked and mobile-enabled consumers,” he added.

The collaboration between KCB and Western Union, says the bank, demonstrates the mutual commitment to providing reliable and convenient money transfer services to existing and new customers.

In the last few years, mobile banking and new electronic platforms have boosted the remittances market in Kenya. According to the Central Bank of Kenya, diaspora remittances to Kenya have recorded a steady growth over time.

Inflows from January to June 2016, reached Sh87.3 billion ($861.9 million). KCB Bank and Western Union have been working together since 2005 to offer Western Union services in Kenya.

Since then, Western Union services have been introduced in KCB Bank Tanzania, KCB Bank Uganda, KCB Bank South Sudan, KCB Bank Rwanda and KCB Bank Burundi.