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KCB Bank, a leading financial institution in East Africa, has formed a strategic partnership with dLocal, a global payments solutions provider specializing in emerging markets, to streamline real-time remittances. The Central Bank of Kenya (CBK) has approved this partnership.
Building on their existing local acquiring collection agreement, this collaboration will enable dLocal’s global customers to make instant disbursements directly into any Kenyan bank account. The partnership aims to leverage the advanced technological capabilities of both companies to enhance financial access, ensuring greater efficiency and security.
Recent data from the CBK highlights the importance of this initiative, revealing that Kenyans abroad remitted $1.2 billion (Ksh158 billion) in the first quarter of this year, an 18.8 percent increase compared to the same period in 2023.
“We are delighted to collaborate with dLocal to transform the payment industry. This partnership not only offers cutting-edge remittance solutions to our diverse customer base but also extends the reach of KCB’s financial and digital ecosystem, empowering lives and businesses across Africa,” stated Mrs. Annastacia Kimtai, Managing Director of KCB Bank Kenya.
John O’Brien, Chief Revenue Officer of dLocal, expressed enthusiasm about the partnership, emphasizing the company’s commitment to providing KCB Bank customers with innovative payment solutions that prioritize choice, security, and flexibility.
Kenya is a key market for remittances, with transfers reaching a record $4 billion in 2023, equivalent to 3% of its GDP. The introduction of dLocal’s remittance services with KCB in Kenya is a promising step for its broader expansion across Africa, following the company’s recent expansions in Nigeria, Tanzania, South Africa, Rwanda, and Kenya through various licenses, approvals, and partnerships.
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