Jamii Bora bank customers can now access Western Union money transfer services from the bank's branches countrywide. This follows the signing of an agreement between Jamii Bora Bank and KCB which makes the bank a Western Union sub agent. Jamii Bora chief commercial officer Timothy Kabiru said the partnership was part of the bank's plan to ensure that customers have access to affordable financial services.
The bank is eyeing the diaspora market with the money transfer service giving Kenyans living in the diaspora an alternative outlet to remit money back home. According to the Central Bank of Kenya, it is estimated that close to Sh8 billion is remitted into the country every month by Kenyans living abroad. Close to 3.5 million Kenyans leave outside the country.
The service will initially be available at Jamii Bora certified outlets only but will be introduced to other banking centres in line with the bank's branch roll-out plan. The Western Union Money Transfer service has been in business for over 160 years and is available through more than 510,000 agent locations in 200 countries and territories.