"Banks, saccos, media, distribution, security, matatus, music, pubs, hotels, IT, retail chains and even logistics firms have been forced by circumstances to pursue customers where they are," he said.Not to be left behind, the Kenya Union of Savings and Credit Societies' Organisation (Kuscco) has moved to establish a stand-alone firm, IRNET
Kenya (ICK), which enables small saccos to offer services 24/7 via mobile apps on a pay-per-use model.
Ototo said Kuscco in 2017, launched its first subsidiary - IRNeT
Kenya to revolutionize the use of technology in Saccos.
Michael Edwards, World Council of Credit Unions' chief counsel and vice president for advocacy and governmental affairs, said of the approximately 50 credit unions on WOCCU's IRNet
remittance system, the exemption increase would benefit about 25% of them.
CUNA is also fostering use of IRnet
to provide a lower cost remittance alternative to Hispanic and other immigrant populations.
As a result, the market has new entrants, including International Remittance Network (IRnet
), which offers an electronic-fund-transfer service linking credit union cooperatives with Citibank in the United States.
The couple originally joined VCU to send money home to Mexico using World Council of Credit Unions' international remittance program IRnet
, a service offered through credit unions by the for-profit WOCCU Services Group.
(277) WOCCO further provides, via its International Remittance Network (IRnet
), "a vehicle by which to send and distribute remittances at low cost," (278) thus blunting an inevitable increase in marketing costs that MLMSBs would incur on the sending side.