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While living abroad for an extended period of time, or having family that wants to invest in Kenya, opening a bank account requires you to pop into the country and open one or operate one via agents.
The limited number of agents in a locale outside Kenya makes the service a bit cumbersome for the consumer.
Targeting East Africans living abroad, Commercial Bank of Africa has revamped its diaspora banking proposition for those seeking banking services back home.
The new process requires the clients to visit CBA’s website to access the application forms. After downloading the forms online, the person shall fill them in; have the filled forms certified by an embassy official, a notary or a certified bank, before physically sending the certified forms via courier services.
Once all the paperwork is in order, the bank will open the account allowing the user to operate it online.
Users of the account will also be able to move funds from a CBA account to any other account through the internet banking service. The soft token mobile app or a hardware piece will generate the passwords to manage internet transfers.
The soft token which regenerate the passwords ensures added security around the account, especially when transacting online.
CBA chief executive officer Jeremy Ngunze noted that with 12 million East African nationals living abroad, the bank is offering the customer an opportunity to invest back home.
Using the internet and the mobile platform which is especially popular in Kenya, diaspora banking will serve as the driver for the banking products dealing with the dollar, the sterling pound and the euro as their main currencies of use.
The diaspora banking will offer various financial services including electronic banking, mortgage financing, personal secured loans, and insurance products as well as investment and advisory services.
“Our customer’s banking services while away from home should be seamless and hassle free,” says Ngunze.
Initially, the product will be available for those in the US, the UK and South Africa.
– Business Daily