21 May 2012

Kenya: KCB Targets East Africans in the Diaspora

Nairobi — Sourcing for customers within the banking industry has gone a notch higher with the Kenya Commercial Bank launching a new product targeting East Africans living overseas.

The new banking product, KCB Diaspora Banking, aims at providing online banking services to over 15 million EAC citizens abroad.

Diaspora Banking will include opening of various bank accounts, taking loans, mortgages, mobile banking, among other services online.

Customers who want to enjoy the service will have to login to the Diaspora Banking page on the KCB website.

"Our website is highly secure as we seek various certifications to ensure that it retains that security. There has been a full risk assessment of this product and we have put in place appropriate security to ensure that account opening process, transfer processes and the management of the accounts is secured indeed," said KCB CEO Martin Oduor Otieno.

He said this was due to increased cyber crime even as companies continue coming up with new products with the use of new technology.

He says there is need for banks in the country to come up with products that will help Kenyans and even residents from the region invest locally.

"You may be aware that most of these remittances are used mainly for investments, payment for education of siblings for the Diasporas, family maintenance, building and construction of houses as well as savings, among many other needs which the Diasporas send money home, "added Oduor.

Individuals interested in banking back home will transact with local or foreign currencies including US dollars, Euros, British Pound, Kenya shilling, Uganda shilling, Rwanda Franc, Burundi Franc, Tanzania shilling and the South Sudan Pound.

KCB has its footprint in Uganda, Kenya, Tanzania, South Sudan, Uganda, Rwanda and Burundi.

Last year, Kenya received $800 million as Diaspora remittances followed closely by Uganda which received $649 million.

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