NCBA has entered a strategic partnership with Xpress Money , an international payment solutions provider, to improve remittance services for its diaspora customers. The collaboration aims to offer a secure, affordable, and convenient platform for sending and receiving money globally.

Through this partnership, NCBA customers will access Xpress Money's extensive network of over 185,000 partner locations in more than 160 countries. The initiative is part of NCBA’s broader strategy to strengthen its offerings for the Kenyan diaspora, focusing on reliability and ease of transactions. Xpress Money facilitates global money transfers through cash-to-cash services, account credits, and mobile wallets.

Fintech innovations revolutionise cross-border remittance services The remittance landscape is undergoing a significant transformation driven by fintech innovations, addressing long-standing inefficiencies in cross-border payments. Traditionally dominated by legacy players like banks and money transfer operators (MTOs), the sector has seen the emergence of digital-first platforms offering simpler, low-cost alternatives. According to the World Bank, the global average cost of sending USD 200 was 6.4% in 2023, well above the UN’s Sustainable Development Goal (SDG) target of 3%.

Fintech solutions are bridging this gap by leveraging technology to reduce operational costs, enabling them to offer more competitive rates while maintaining secure transactions. Customer expectations have also evolved in tandem with these innovations, with speed and convenience becoming top priorities. Data from the United Nations highlights that 75% of remittances are spent on immediate household needs, necessitating faster access to funds.

Digital platforms like mobile wallets and app-based services have reduced transaction times significantly, allowing recipients to access funds in minutes rather than days. Additionally, fintech companies are addressing security concerns by implementing blockchain technology, multi-factor authentication, and advanced encryption, increasing consumer trust in digital remittance services. This fintech-driven evolution has not only improved the user experience but also expanded access to previously underserved markets.

The GSMA reports that sub-Saharan Africa accounts for two-thirds of all mobile money transactions, driven by high mobile penetration and limited access to traditional banking infrastructure. As a result, fintech platforms are helping migrant workers to send money home more affordably and efficiently, reinforcing their critical role in sustaining economies heavily reliant on remittance inflows. For institutions like NCBA, partnerships with fintech providers like Xpress Money offer an opportunity to tap into this dynamic ecosystem and meet the growing demands of diaspora customers.

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