15 February 2011

Kenya: Bank Starts Internet Cash Transfers

Nairobi — Gulf African Bank has launched an instant internet money transfer service in partnership with Saudia Arabia' Samba Financial Group to facilitate remittances from the Middle East to Kenya.

General manager Abdallah Abdulkhalik said the system will encourage a savings culture among Kenyans living abroad as well as help them to invest home.

"Three weeks since Diaspora banking was launched a total of 150 accounts have been opened. The beneficiaries are paid instantly on the counter once money is deposited from the other point," he said.

Speaking on the sidelines of the launch of Gulf African' 18th branch at Bondeni, Mombasa, the general manager said Kenyans living abroad will benefit by up to Sh10 million mortgage package payable in 10 years.

"We intend to also reach out to Kenyans living and working in the UK, US and other European countries where they can buy properties in Kenya," he said.

Under the new system, Gulf African Bank targets other locals working and living in the Gulf countries of Qatar, Dubai, Kuwait, Oman and Bahrain among others.

At the same time the bank has unveiled interest free microfinance banking services targeting those in low income level to uplift their standard.

The bank chief executive Officer Suleiman Shahbal said the service dubbed Fursa Leo (opportunity today) is currently on pilot basis and will be unveiled once all systems are in place.

Copyright © 2011 The Nation. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.