Credit Bank Plc has introduced the Sacco Cash Pickup Portal Remittance Service in collaboration with SACCOS that would enable seamless cross-border remittances for Kenyans in rural areas.
The unveiling of the initiative took place in Eldama Ravine, Baringo County, on Thursday.
The 14 Skyline SACCO locations located in Nakuru, Baringo, Trans Nzoia, and Nandi counties in the first phase of the program allow recipients to easily pick up money transferred by RIA.
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Credit Bank’s financial inclusion initiative
Credit Bank’s Remittance and Financial Inclusion Initiative deals with significant remittance issues, such as high transaction costs, low financial literacy in rural areas, and limited access to investment opportunities for Kenyans living abroad.
It is supported by the International Fund for Agricultural Development (IFAD) and other important partners.
“Our diaspora community plays a vital role in Kenya’s economic growth, and sending money home should not be a costly burden. Partnering with RIA and leveraging digital solutions significantly reduces remittance costs, making financial services more accessible and inclusive for all Kenyans, especially in underserved communities,” said Credit Bank CEO Betty Korir.
She adds, “SACCOs are the backbone of financial access in rural Kenya, and integrating our remittance services with SACCO networks such as Skyline Sacco expands financial reach. This ensures that even the most remote communities can receive funds conveniently.”
How to receive payment abroad
If the recipient has a valid ID and transaction reference number, they can make a quick cash withdrawal at any Skyline Sacco branch.
For a smooth and safe experience, Skyline Sacco members can also choose to have money transferred straight into their accounts, eliminating the need to visit a bank.
This program helps tens of thousands of Kenyans who rely on remittances for crises, company financing, education, and family support. The service’s accessibility to non-members further encourages financial inclusion.
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Kenya’s remittance statistics
Remittance expenses to Kenya currently average 10.72 percent, which is higher than the UN Sustainable Development Goal (SDG) objective of 3 percent and the global average of 6.65 percent. Transfers from Uganda to Kenya, for example, usually cost 4.1 percent, but those from Germany might cost up to 7.7 percent.
Inequalities in financial inclusion are brought to light by the Central Bank of Kenya (CBK) and the Kenya National Bureau of Statistics (KNBS) in their FinAccess Household Survey 2024.
In rural areas, just 80.2 percent of people have access to financial services, compared to 91.3% in metropolitan areas.
With mid-market exchange rates between two percent and four percent and no additional costs, Credit Bank and RIA provide an economical solution to this problem, lowering the cost of cross-border transactions for Kenyans around the world.