Kenya’s Fidelity Bank and UK-based Xpress Money Services have signed an agreement that will see the bank’s customers get more flexibility and access to Xpress Money’s 170,000 agents in over 150 countries worldwide.
Fidelity Bank executive director Sultan Khimji said the bank’s customers would enjoy Xpress Money’s speed of transfer and convenient payouts to a point very close to the beneficiary because of the huge agency network.
“One of the critical aspects of a money transfer agency that we were looking for was convenience the agency would offer our customers. Over and above this, Xpress Money’s commissions are the lowest in the market which is icing on the cake for our customers,” Khimji said.
Apart from the convenience and lower commissions, security for the transactions is also guaranteed as Xpress Money is regulated by the UK’s Financial Services Authority (FSA), which also ensures high operating standard through the provision of consistent service in terms of network safety and reliability.
Express Money’s business development manager responsible for the Common Market for East and Southern Markets (COMESA) MV Additya said his company was a well-established and renowned brand name in the money transfer industry.
“We operate on a simple and very effective model commonly known as the “Service Provider – Franchise” which means that Xpress Money undertakes the responsibility of appointing agents in countries where a remittance originates and countries in which such transactions terminate with an intention to facilitate ‘sourcing’ and ‘pay out’ of money transfer transactions in originating & terminating countries respectively. This ensures that we are relevant at both ends of the money transfer transaction,” he said.
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