NCBA Bank has entered into a partnership with Xpress Money, a global remittance solutions provider, in a move aimed at bolstering its services for customers in the diaspora. The collaboration, announced through a Memorandum of Understanding (MoU), provides NCBA customers with access to an expansive remittance network spanning over 160 countries and 185,000 locations worldwide.

This strategic collaboration reflects NCBA’s focus on strengthening its diaspora banking services. As Kenya’s third-largest bank by assets, NCBA serves over 60 million customers across Kenya, Uganda, Tanzania, Rwanda, and Ivory Coast. The partnership with Xpress Money is part of its efforts to provide seamless international money transfer solutions.

Expanding Services for Diaspora Customers

Speaking at the MoU signing event, NCBA Group Retail Director Tirus Mwithiga emphasized the bank’s customer-centric approach and its goal of becoming the leading bank for Kenyans abroad.

“This partnership aligns with our strategic goal to be the leading bank for the Kenyan diaspora. Together, we aim to increase remittance volumes and provide value to both senders and receivers,” Mwithiga said.

In 2024, NCBA has prioritized digitization and enhancing its diaspora banking services. Collaborating with fintech companies like Xpress Money enables NCBA to remain competitive in the rapidly evolving financial services industry. The partnership also taps into Kenya’s growing remittance market, where inflows from the diaspora continue to be a critical component of the country’s economy.

Xpress Money’s Commitment to Seamless Transfers

Established in 1999, Xpress Money is a major player in the $689 billion global remittance industry. Its services include cash payouts, direct-to-account transfers, and mobile wallet credits. By leveraging its robust infrastructure, Xpress Money offers reliable and secure solutions for international money transfers.

Samir Vidhate, CEO of Xpress Money, highlighted the alignment between the two organizations. “Our partnership with NCBA underscores our commitment to providing convenient and secure money transfer solutions to customers across the globe. Together, we aim to make the process of sending money home faster, simpler, and affordable for NCBA customers,” Vidhate said.

Strategic Goals in a Competitive Market

The global remittance market continues to grow, driven by the financial needs of diaspora communities. Kenya remains a significant remittance destination, with NCBA positioning itself to capture a larger share of this market. By offering a reliable and affordable remittance platform through Xpress Money’s expansive network, NCBA aims to simplify cross-border transactions for its customers.

NCBA’s digitization strategy underscores its broader efforts to modernize banking services. The bank has been actively revamping its diaspora banking proposition, integrating strategic partnerships and innovative solutions to meet customer expectations and global standards.

Implications for Customers

Through this partnership, NCBA customers can send and receive money via multiple channels, including mobile wallets, bank transfers, and cash payouts. The collaboration is expected to lower transaction costs while ensuring enhanced convenience and security for users. These developments are part of NCBA’s commitment to supporting its diaspora customers and contributing to Kenya’s economic ambitions.

The partnership between NCBA and Xpress Money highlights a significant step toward improving remittance services and addressing the evolving needs of Kenyan customers abroad. It is a testament to the bank’s focus on innovation and customer satisfaction in an increasingly competitive market.