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Kenya

KCB now taps investment clubs

NAIROBI, Kenya, Dec 15 – Kenya Commercial Bank (KCB) on Monday announced a new group investment account that would allow groups to conveniently manage their funds.

KCB Marketing Director Mary-Ann Kirubi said the new group account would enable investment clubs to grow their monthly contribution through attractive interest rates.

She said the account holders would also benefit from mortgage financing of up to 90 percent, training, real estate advice, purchase of shares.

 “In recognition of the growing importance of investment groups in Kenya, KCB have a new proposition for this market segment called ‘KCB Tuungane Investment Account’ and we are trying to provide them with investment advice on how they can grow and have a better tomorrow,” she said.

The product, Ms Kirubi said, was tailor-made as a result of the ‘Tusker Milli na Marafiki’ game show. She said the promotion by East African Breweries Limited gave the bank an opportunity to open 340 accounts worth Sh15 million for winners in all parts of the country.

“We will also present a Sh10 million jackpot to be won in the grand finale of the show this Saturday,” she informed.

She added that the ‘Tuungane account’ captures the spirit of pooling resources as a group for various investment options available in the market.

East African Breweries Limited Marketing Director, Debra Mallowah said the company invested Sh100 million in the promotion.

“A total of more than 32 Kenyans have come through in the last eight weeks, each group of friends winning Sh1.5 million and the other contestants going home with consolation prices,” Ms Mallowah said.

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“Investment advice has been provided to an even broader audience of about 350 Kenyans,” she added.

The ‘Tusker Milli na Marafiki’ consumer promotion started two months ago and has created an atmosphere to bond with friends as the promotion entails choosing a group of close friends to participate with.

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