Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
Last year, Kenya received $800 million as Diaspora remittances/FILE


KCB targets East Africans in the Diaspora

Last year, Kenya received $800 million as Diaspora remittances/FILE

NAIROBI, Kenya, May 21 – 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.

Advertisement. Scroll to continue reading.

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

Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...