Kenyans Abroad Encouraged to Invest Back Home

Nairobi — KENYA Commercial Bank (KCB) is offering Kenyans in the Diaspora an opportunity to make the most of economic and investment opportunities back home.

The East Africans in Australia and the United Arab Emirates (UAE) are targeted.

The bank is encouraging them to explore vibrant sectors such as Kenya's booming property market and building and construction sectors.

A month-long tour of Australia and UAE is ongoing.

Trust is one of the main concerns for our customers in the diaspora, said Vincent Aberi, KCB Head of Diaspora Banking.

"That is why our diaspora banking solutions are structured to offer the peace of mind that assures them of secured investments through a guided and inclusive process," he said.

The trip to Europe by the KCB Bank diaspora team follows previous successful tours in America and United Kingdom earlier this year.

The objective is to keep Kenyans all over the world up to date with the booming property market trends back home, Aberi said.

"We already offer 360 degree services from buying, building, getting approvals, selling and managing of land to offer value and convenience to our customers. They deserve to prosper even while away from home."

In the last two decades, Kenyans from the diaspora have emerged as critical participants in the growth of the East African economy.

Data from the Central Bank of Kenya shows that remittances as a share of GDP stabilized at 2,3 percent over the 12 months to October 2017.

Last year Kenyans abroad sent home a total of KShs 185 billion (US$1842748740), making the remittances the largest source of foreign exchange for the country ahead of tourism and horticulture.

KCB Bank diaspora banking solutions serve customers in Australia, Canada and United States as well as the regions of Africa, Europe and the Middle East.

Deposits currently stand at KShs. 2.1 billion with significant growth expected over the year as the bank explores entry into other markets.

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