National Bank has partnered with Kenya Diaspora Alliance to host the 4thedition of the Kenya Diaspora Homecoming Convention (KDHC), an event that Bank’s Managing Director and Chief Executive Officer Wilfred Musau lauded as a step forward for the bank in harnessing the potential in the diaspora market.
The Bank intends to drive use of Diaspora remittances for more structured investment purposes and at the same time to be the driver of financial inclusion both for migrant Kenyans and their dependents locally.
“While appreciating that the more traditional investments for example real estate have continued to work for the migrant Kenyans, National Bank offers a much more diverse range of investment plans that is attractive for the short and medium terms, and that have the potential to yield more returns and/or eliminate most of the recurring expenditure on and for dependents and free up more of the remittances for investment,” Mr Musau said.
The diverse range the bank offers include but are not limited to, wealth management and advisory services, insurance services and commercial agriculture.
In an effort to drive down cost and ease the process of remitting funds into Kenya, the Bank has partnered with World Remit to enable Kenyans living abroad to make instant transfers home.
World Remit users can make instant bank deposits from the diaspora to NBK accounts held in Kenyan Shillings and US Dollars, as well as send funds for cash pickup in KES across NBK’s extensive branch network.
The Bank offers safe, flexible and convenient tailor made banking facilities back home designed around the unique needs, delivered effortlessly with service above the ordinary recognizes the unique financial needs of Diaspora Customers that includes banking in multiple currencies, immediacy of service and providing them with adequate investment opportunities and an environment in which to safely do so.
Data from the Central Bank reveal that diaspora remittances into Kenya have grown from a monthly average of USD 20M in 2004 to monthly of 156M in 2017 (high USD 185M in October 2017).
Kenyans in the diaspora habitually invest real estate, with a good number taking up basic agriculture and trade at the NSE.
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