The NCBA Group has revamped its diaspora banking package to extend financial assistance to Kenyans returning home from abroad.
On Friday, the bank held the Daring Returnees Forum in conjunction with Chams Media which runs the ‘Daring Abroad’ series. The forum sought to celebrate the courageous decision of Kenyans in the diaspora to return and reintegrate successfully into the Kenyan communities and economy.
The forum comes hot on the heels of the bank recording a 99 per cent year on year growth in remittance transactions.
“The Kenyan diaspora community plays a crucial role in Kenya’s socio-economic development. Kenya is a land of opportunity; from tech and agribusiness to real estate and renewable energy, our dynamic environment offers endless potential for innovation and growth,” said NCBA Group Retail Banking Director Tirus Mwithiga.
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A spot check by Bizna Kenya shows that the NCBA Group runs a diaspora account that Kenyans living and working abroad can use to save, invest and prepare for their return home.
The account comes with multiple benefits including zero minimum operating balance, zero opening balance, zero monthly fees, and is available in Kenya Shillings and all major currencies including the US dollar, the Euro and the Sterling Pound.
“The financial needs of Kenyans returning home are unique and specific to their circumstances. NCBA Bank is ready, motivated and competent to become your financial partner,” said Mwithiga.
“It’s crucial to enhance the lived experiences of returnees. As global giants set up innovation hubs in Nairobi, NCBA is leading the charge, providing world-class financial services that match first-world standards.”
In the same vein, the amount of money Kenyans in diaspora have been sending back home has been on the rise.
For instance, Kenyans living and working abroad increased the money they sent back home by $72.9 million (Sh. 9.4 billion), in August 2024 compared to the same period last year, hitting a total of $427.2 million (Sh. 55.09 billion).
The cumulative inflows in the 12 months to August 2024 totaled $4.645 billion (Sh. 593 billion) compared to $4.120 billion (Sh. 529 billion) in a similar period in 2023, an increase of 12.7 per cent.
In addition, Mercy Kagwiria, the Deputy Director and Head of Consumer Banking at NCBA noted that the bank has investment solutions such as real estate for Kenyans living abroad, as well as financing solutions for Kenyans moving abroad.
“As you move to the diaspora, NCBA is able to finance relocation. We are having continuous discussions with recruitment agencies as well as the State Department for Diaspora Affairs,” said Kagwiria.
“On the other hand, one of the products NCBA offers to its diaspora customers is Easy Build. This service connects clients with a consortium of technical experts, enabling the creation of secure real estate investment portfolios for returnees.”