In June last year, NCBA Bank kicked off a one-month-long market activation tour in the US, covering multiple states, including Washington DC, New Jersey, Marlborough, Dallas, Texas, Houston, Texas, and Seattle, Washington State. The tour was one among many initiatives to capture those markets, with the NCBA diaspora banking team having also scaled the global customer footprint in Australia and Middle East too.
The aim of this tour was not only to disseminate the bank’s tailored solutions but also to offer assurance to potential diaspora customers that their savings and investments would be in safe hands back home. This is one of the biggest pain points among people living abroad – how to manage their money safely from there without relying on relatives who in many instances, are untrustworthy.
It is estimated that about 3 million Kenyans live and work abroad, and this certainly constitutes a vital resource that should be harnessed for our economic development. The Kenyan diaspora community plays a crucial role in Kenya’s socio-economic development, contributing approximately $3 billion in remittances annually, which accounts for about 3% of the country’s gross domestic product (GDP). Source.
This exceeded the Central Bank of Kenya’s (CBK) estimates and is a clear indication that Kenyans want to invest back home, and a reliable partner is crucial.
One of the biggest challenges faced by Kenyans living and working in the diaspora is finding safe and reliable ways to transact, invest, and save back at home. Other than providing solid financial solutions, NCBA has gone further and made the movement of money easier and safer by partnering with Xpress Money, a cross-border international payment solutions platform. With over 185,000 partner locations in over 160 countries, Xpress Money is one of the best choices that NCBA could have made for remittance. NCBA also works with Fintechs and Money Transfer Service Providers, such as Western Union and Money Gram, which provide routes for diaspora remittances back home.
The United Nations Conference on Trade and Development (UNCTAD, 2021) revealed that diaspora investors often lack adequate knowledge and awareness of investment opportunities in Kenya, therefore limiting their ability to make informed decisions. Additionally, weak networks and limited connections with potential business partners or stakeholders make it difficult to identify viable investment prospects.
These, and many others, are the reasons why NCBA is keen on the diaspora market, offering Kenyans world-class banking services to save, transact, and invest back home. Whether one left the country years ago and settled in the diaspora, is abroad and sends money back, or is planning to retire back home and is looking for sound investment advice, NCBA Bank has everyone covered.
Among the many benefits of NCBA Diaspora banking is that customers gain access to a wide variety of offers and deals, including food and wine, shopping, sports, entertainment, and more when they use their NCBA Visa Card. For people who are so far from home, life ends up feeling a little closer and with less hustle.
For those who would like to save back home for a project or retirement, NCBA has them covered. “We understand that a big part of being away from home is to earn money to save for the future or as a cushion for whatever happens. Our savings account offers interest-earning with no charges.” – NCBA.
Some other unique offerings include Diaspora Borrow, Diaspora Bound, and Diaspora Build.
Diaspora Borrow is a carefully crafted solution that is suitable to meet one’s personal as well as business development needs at very competitive lending rates and an early repayment option at no cost. Diaspora Bound is designed to provide one with everyday services no different from if you were home, while Diaspora Build lets one enjoy a wide array of exemplary insurance products and investment solutions that are well suited to match and meet their needs.
The Bank has further partnered with Real estate developers/stakeholders to support the Kenyan diaspora in owning property back home. Through these collaborations, NCBA ensures that all aspects of our clients’ transitions abroad or relocating back to Kenya, are smoothly and effectively managed.
For more details on NCBA’s diaspora banking propositions and how to engage, check the bank’s website here.
