Postbank ventures into international money transfer
31 July 2014, 23:49
Nairobi - Postbank, the local financial
institution, has made a foray into international money transfer with the launch
of the RIA International Money Transfer Service that will be available in all
branches across the country.
The partnership between Postbank and RIA money transfer will see Postbank,
which has 99 branches, become an agent of RIA money transfer services in Kenya
During the launch ceremony, the Chief Guest, Central Bank of Kenya Governor,
Prof Njuguna Ndung’u noted that the economy of Kenya was set to benefit from
money transfer services particularly since such services directly encourage
banking and enhance the velocity of money-the fundamental cornerstones of
Speaking during the launch, Postbank Managing Director, Anne Karanja, noted
that the bank continued to command an impressive product portfolio that has
propelled the Bank to great heights.
She emphasized that Postbank would continue seeking opportunities to fully
optimize its potential through diversifying income streams through strategic
partnerships and developing innovative products that exceed customer
“We simply are tapping into an opportunity to make banking part of our
customers’ lifestyle in a uniquely convenient and efficient way,” echoed Ms.
During the launch, El Hadji Malick Seck, General Manager – Africa, RIA
Financial Services opined that their penetration into the Kenyan market through
Postbank’s platform would enhance affordability, convenience and safety of
funds transfer globally.
The service is anticipated to grow Postbank’s money transfer market share and
open additional revenue lines for the Bank. The adoption of this service by the
Bank is in line with the Bank’s vision of being the Bank of Choice.
Postbank recently launched a converged ATM network across East Africa to enable
customers access financial services.
This is within their strategy of setting the pace in innovation within the