By Jevans Nyabiage
Kenya’s largest bank in asset base, Kenya Commercial Bank ( KCB) will use the 2012 Olympics in London to market its Diaspora targeted products and tap into the Sh150 billion sent back home annually.
The bank has developed both mobile and Internet banking platform that will allow East Africans living abroad to channel their remittances directly to their bank accounts back home.
The new platform, launched in May, allows account holders to make investments in real-estate and the stock market. The move, according to the bank, will see them tap into the growing diaspora market.
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.
Currently, East Africa combined has approximately 15 million nationals working overseas. The leading country where most Kenyans have settled is the United States and the United Kingdom.
The bank’s head of Diaspora and Advantage, Ms Margaret Gitonga, says the bank will carry out a major global launch on July 28 in London — during the Olympics. More than 500 East Africans in the Diaspora are expected to attend the function.