KCB Bank Kenya and Western Union have launched a mobile-phone based money transfer service.
The bank’s customers can now use the KCB mobile banking option to direct money transferred from abroad via Western Union into their KCB Bank accounts by dialling *522# on their mobile phones and following the simple on-screen instructions.
KCB customers can also withdraw their Western Union money transfers from the 190 KCB bank locations across Kenya or contact the KCB contact centre to direct the money into their KCB accounts.
Edward Ndichu, KCB Head of Digital Financial Services and Mobile Payments said, “Understanding that the future of banking is in digital, we are intensifying our level of investment in digital banking, to give our customers faster and more convenient services.”
Customers will be able to enjoy extended service availability via KCB mobile banking as funds are delivered into their accounts anytime, from anywhere.
This new service expected to take financial inclusion to the next level is available 24 hours a day, 7 days a week.
In recent years, mobile banking and new electronic platforms have boosted the remittances market in Kenya with the Central Bank of Kenya recording Diaspora remittances to the country at $87.3 billion from January to June 2016.
“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 Richard Malcolm, Regional Vice President of Southern and East Africa for Western Union.
KCB Bank and Western Union have been working together since 2005, offering Western Union services in Kenya.
In 2013, KCB launched the electronic Account-Based-Money-Transfer (ABMT) service allowing its customers to direct international money transfers via Western Union into their KCB accounts via online banking, call centre and its retail network.
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.