CREDIT Bank has unveiled the Sacco Cash Pickup Portal Remittance Service, a solution in partnership with SACCOS to make overseas remittances faster, more affordable and accessible to Kenyans in rural areas.
Through the E service, recipients can conveniently collect money sent via RIA at any of the 14 Skyline SACCO branches across Nakuru, Baringo, Trans Nzoia, and Nandi counties in the first phase.
Supported by the International Fund for Agricultural Development (IFAD) and other key partners, Credit Bank’s Remittance and Financial Inclusion Initiative addresses major challenges associated with remittances, including high transaction costs, limited financial literacy in rural areas and restricted access to investment opportunities for Kenyans in the diaspora.
“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 under-served communities,” Credit Bank CEO Betty Korir said.
“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.”
Recipients can withdraw money instantly at any Skyline Sacco branch with a valid ID and transaction reference number. Additionally, Skyline Sacco members can opt to have funds deposited directly into their accounts, offering a seamless and secure experience without the need for a branch visit.
This service benefits tens of thousands of Kenyans who depend on remittances for family support, education, business capital and emergencies.
Non-members can also access the service, further promoting financial inclusion.
Currently, remittance costs to Kenya average 10.72 per cent, exceeding both the global average of 6.65 per cent and the United Nations Sustainable Development Goal (SDG) target of three per cent.
For instance, transfers from Uganda to Kenya typically cost 4.1 per cent, while those from Germany can reach 7.7 per cent.
To address this, Credit Bank and RIA offer a cost-effective solution with mid-market exchange rates ranging from two per cent to four per cent, with no hidden fees—making cross-border transactions more affordable for Kenyans worldwide.
The FinAccess Household Survey 2024, conducted by the Kenya National Bureau of Statistics and the Central Bank of Kenya, highlights disparities in financial inclusion.
While 91.3 per cent of urban residents have access to financial services, the figure drops to 80.2 per cent in rural areas.
Despite the widespread adoption of mobile money, many Kenyans still rely on cash transactions. The need for broader financial integration is evident because international remittances remain partially cash-based.
To bridge this gap, Credit Bank, in collaboration with Interswitch Kenya and RIA, is enabling select SACCOs to facilitate both inbound and outbound remittances.
Through a sub-agency agreement,
SACCOs can extend these services to
their members, enhancing financial
accessibility in underserved areas.
Beyond improving access to financial services, Credit Bank also offers
financial literacy programmes.
