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.