NCBA Bank has kicked off a one-month banking market activation across multiple states in the United States.
The initiative, which includes a range of tailored financial solutions, aims to engage with the diaspora community by providing financial solutions that serve the unique needs of the diaspora community.
Tirus Mwithiga, NCBA Group Director, Retail Banking, affirmed that the financial solutions suit the lifestyle of people living in Diaspora, which will enable them to save and invest back home.
The market activation schedule includes engagements in major cities across the United States, including Texas, Washington, DC, Massachusetts, and New Jersey.
“Our goal is to establish meaningful relationships with Kenyans living abroad and to demonstrate how NCBA can support their financial aspirations irrespective of geographical boundaries. Whether you’re looking to manage your finances back home, invest in Kenya, or secure credit facilities for various purposes, our team is here to assist you every step of the way,” said Mwithiga, NCBA Group Director.
The bank revamped its diaspora banking value proposition by facilitating international money transfer services through strategic partnerships that provide rails for diaspora remittances back home.
The bank has also partnered with real estate developers and stakeholders to support Kenyans living abroad in owning property back home.
In 2023, Kenyans living overseas sent home money amounting to Sh 671 billion, greatly bolstering the nation’s current account balance in the face of declining export earnings.
According to data from the Central Bank of Kenya, remittances from the diaspora rose by 4 percent from Sh 645 billion during the same period in 2022 to December 2023.
The trajectory of growth in remittances from the diaspora surged by more than 50 percent in the year ending in November 2023, driven by growth in diaspora receipts from within Africa.
