25 June 2014

Kenya: Postbank in Agency Deal With ABC Bank

Postbank customers will start accessing cheque books and cheque processing services following a partnership deal with ABC Bank yesterday. Postbank was hitherto not issuing cheque books to its customers because it was originally established as a savings bank.

It is however speeding up to offer a wider range of financial services. "The cheque account is among our latest product offerings and the institution's strategic vision is to be more open in enhancing financial inclusion in Kenya," Nyambura Koigi, the managing director.

The two banks also sealed an agency banking deal for ABC Bank to use Postbank's branch network to reach customers countrywide. The latter will offer services such as deposit-taking and cash withdrawal on ABC's behalf.

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