IFAD is partnering with Credit Bank to expand the financial inclusion of remittance recipients in Kenya and promote affordable remittance services to Kenyan migrants abroad, particularly in Germany and Uganda. This project will enhance Credit Bank’s set of products designed specifically for customers in the diaspora. Credit Bank will offer international remittance transfers at a cost below the market rate through the newly established partnership with RIA. In an effort to expand financial inclusion, particularly in rural areas where most of the financially excluded people are, Credit Bank will partner with Savings and Credit Cooperatives (SACCOs) to extend the remittance service access.
Country: Kenya
IFAD is partnering with FSD Kenya under the PRIME Africa initiative to provide evidence of the current and potential role played by SACCOs in the remittance value chain. The expected result will Improve informed public policies and private sector strategies for enhancing the role of savings and credit cooperatives (SACCOs) in delivering remittances to the Kenyan rural population. These actors may involve traditional players such as banks and SACCOs and ground-breaking ones like fintechs.
