NAIROBI, Kenya, Feb 27 – Credit Bank Plc has launched the Sacco Cash Pickup Portal Remittance Service, a new initiative aimed at enhancing financial access for Kenyans in rural areas by simplifying overseas remittances.
Developed in partnership with Skyline Sacco, the service enables recipients to collect money sent via RIA at 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, the initiative seeks to lower remittance costs, improve financial literacy, and expand investment opportunities for Kenyans in the diaspora.
“Our diaspora community plays a vital role in Kenya’s economy, and sending money home should not be costly or complicated. By partnering with RIA and leveraging digital solutions, we are making remittances more affordable and accessible, particularly in underserved areas,” said Credit Bank CEO Betty Korir.
Expanding financial reach through SACCOs
The service integrates remittances into SACCO networks, allowing rural recipients to withdraw money instantly with a valid ID and transaction reference number. Skyline Sacco members can also opt for direct deposits into their accounts for a seamless experience.
“SACCOs are the backbone of financial access in rural Kenya. By integrating remittance services with SACCO networks, we ensure even remote communities can receive funds conveniently,” Korir added.
Non-members can also access the service, reinforcing Credit Bank’s commitment to financial inclusion.
Lowering remittance costs
Kenya’s average remittance cost stands at 10.72%, exceeding both the global average of 6.65% and the United Nations Sustainable Development Goal (SDG) target of 3%. Transfers from Uganda to Kenya cost 4.1%, while those from Germany reach 7.7%.
Credit Bank and RIA’s solution offers mid-market exchange rates of 2%–4% with no hidden fees, making cross-border transactions more affordable.
Bridging financial gaps in rural areas
According to the FinAccess Household Survey 2024 by the Kenya National Bureau of Statistics (KNBS) and the Central Bank of Kenya (CBK), financial access remains uneven with 91.3% of urban residents having access to financial services comoared to 80.2% in rural areas.
To address this, Credit Bank, Interswitch Kenya, and RIA are enabling select SACCOs to facilitate both inbound and outbound remittances.
