NAIROBI, APR 18 — KCB Bank Kenya has stepped up its foray into Australia and Dubai to offer Kenyans in the diaspora a chance of taking part in the vibrant economic and investment opportunities back home.
The bank kicked off a month long tour of Australia on March 23 and Dubai on April 11, to popularize its diaspora banking and investment solutions.
The diaspora solutions will ride on vibrant sectors such as Kenya’s booming property market and building and construction sectors to offer value to customers.
“Trust is one of the main concerns for our customers in the diaspora. 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.” said Vincent Aberi, KCB head of diaspora banking.
In the last two decades, Kenyans from the diaspora have emerged as critical participants in the growth of the country’s economy.
Data from the Central Bank of Kenya shows that remittances as a share of Gross Domestic Product stabilized at 2.3 per cent over the 12 months to October 2017, underlying the fact that diaspora remittances have become a key support of the shilling.
Furthermore, last year Kenyans abroad sent home a total of $1.842 billion (Ksh185 billion), making the remittances the largest source of foreign exchange for the country ahead of tourism and horticulture – a clear indication of the transformational impact of diaspora remittances from Kenyans.
KCB Bank diaspora banking solutions serve customers in Australia, USA, Canada, Africa, Europe and the Middle East.
Deposits currently stand at $20.9 million (KShs. 2.1 billion) with significant growth expected over the year as the bank explores entry into other markets.
The trip to Europe by the KCB Bank diaspora team follows previous successful tours in America and UK early this year.
“Our objective for this trip is to keep Kenyans all over the world up to date with the booming property market trends back home. 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,” Aberi said in a statement.
The Australian and Dubai tour will involve trainings for agents, chamas and saccos on investment opportunities in Kenya and the banking solutions KCB Bank offers for a seamless experience.
Beyond business as usual, the tour will include leisurely park events, bringing Kenyans together to celebrate their patriotism and experience a taste of home.