KCB and dLocal in deal to expand global payments
KCB Bank, one of East Africa’s largest banks and dLocal, a global payments solutions provider focusing on emerging markets, have forged a Strategic Partnership that has been approved by the Central Bank of Kenya (CBK).
As an extension of an existing local acquiring collection agreement, the partnership will enable dLocal’s global customers to execute disbursements in real time into all Kenyan bank accounts.
It will also be an opportunity for the two payment solutions providers to leverage each other’s advanced technological network to deepen financial access promising enhanced efficiency and security.
This comes at a time when latest data from the CBK indicates that Kenyans living and working abroad sent home a total of $1.2 billion (Ksh158 billion) during the first three months of this year, representing an 18.8 percent increase during a similar period of 2023.
KCB Bank Kenya Managing Director, Mrs. Annastacia Kimtai said; “We are delighted to collaborate with dLocal to transform the payment industry. This partnership does not only offer cutting-edge remittance solutions to the bank’s diverse customers, but also extends the reach of KCB’s financial and digital ecosystem to empower the lives of our customers and businesses across Africa.”
dLocal Chief Revenue Officer, John O'Brien expressed enthusiasm about the partnership, noting that empowering KCB Bank customers with innovative payments solutions that prioritise choice, security, and flexibility fills has been dLocal’s priority.
“As the fifth largest inbound remittance market in Africa, many other markets look up to Kenya when it comes to personalized financial offerings. Having received the necessary regulatory approvals, we are now well positioned to offer a fast, streamlined, and reliable option to KCB customers, and pave the way for further growth for dLocal's payout solutions,” O’Brien noted.
About KCB Bank Kenya Ltd
KCB Bank Kenya Limited is the largest commercial bank in the country. A subsidiary of KCB Group Plc, the Bank has the largest branch network, with over 200 branches, 367 ATMs and 16,000 agents offering banking services on a 24/7 basis in East Africa. This is complemented by mobile banking and internet banking services with a 24-hour contact center services for our customers to get in touch with the Bank. KCB Group Plc- which also has presence in Uganda, Tanzania, South Sudan, Burundi, Rwanda and a representative office in Ethiopia also boasts of a wide network of correspondent relationships totaling over 200 banks across the globe and our customers are assured of a seamless facilitation of their international trade requirements wherever they are.
For further information, please contact Judith Sidi Odhiambo, Group Head of Corporate & Affairs; email: jsodhiambo@kcbgroup.com
About dLocal
dLocal powers local payments in high-growth markets, connecting global enterprise merchants with billions of high-growth market consumers across Africa, Asia, and Latin America. Through the "One dLocal" concept (one direct API, one platform, and one contract), global companies can accept payments, send payouts, and settle funds globally without the need to manage separate pay-in and pay-out processors, set up numerous local entities, and integrate multiple acquirers and payment methods in each market.
For more information, visit: https://dlocal.com.
