Banking in Kenya for those in diaspora has become simplified especially with the advent of the internet and smartphones. In this article, we provide a comparison of basic current (checking) accounts specifically tailored for Kenyans in the Diaspora by banking institutions with dedicated operations targeting this community. Overall, you have a fairly large choice of banking institutions to choose from when setting up your basic checking account.
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In addition, there is no large disparity in the basic features of these checking accounts across the banks covered in this article. However, based on our research, only two of the five banks compared in our comparison table allow Kenyans in the Diaspora to open accounts online. That means for the banks without this facility, one has to open an account by mailing particulars to a diaspora bank agent nearest to them or physically at a bank branch in Kenya.
When choosing a good banking institution, it is important to gauge their response time and promptness in answering your questions since it can be quite frustrating if you have to call repeatedly. Especially due to the time difference you probably have to stay up late to make the call, causing further frustration. An information only inquiry placed to the bank’s Diaspora relationship department can give you a good idea of their level of customer engagement. It is also important to note that wait times in some banks can extend for hours. For those with limited time when visiting Kenya or simply do not want to line up for a long time, most banks will offer private or VIP banking services for a fee.
Additionally, most banks will also assist you to open a CDS (Central Depository System) account with the Central Bank of Kenya (CBK) for you to be able to trade securities such as stocks, treasury bills and bonds on the Nairobi Stock Exchange (NSE). As usual, most banks will offer other traditional accounts such as savings, fixed deposit or business accounts.
By money254.com staff – November 10, 2016
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