Financial transactions for Kenyans living abroad eased through Co-op Diaspora Banking
Kenyans living abroad can now transact easily after Co-operative Bank of Kenya mooted new financial and investment solution dubbed ‘Co-op Diaspora Banking’.
The new financial solution has been designed to fulfill the needs of Kenyans in diaspora who want safe, flexible and convenient financial transactions back home in Kenya.
This financial solution allows Kenyans living in foreign countries to enjoy the same banking opportunities they would have access to in the country with a special focus on investments.
Effectively, direct investments made by diaspora members in the existing business opportunities would ultimately bring about economic capital in the country.
“Kenyan living abroad and are looking for an investment opportunity back at home can invest in Cooperative Bank treasury bills and see their cash grow as you work.
“Operate your diaspora business account from anywhere at any time conveniently and securely,” states the lender.
Besides providing avenue for entrepreneurs to seize existing opportunities, they also stand to enjoy get unbeatable value proposition to help them maintain connections back in the country.
The bank also offers custodial services that will help them manage your investments.
Last year, Kenyans living and working abroad sent home a record Sh341 billion in 2020, growing their remittances by 10.7 per cent from Sh308 billion in 2019.
Diaspora community is a growing recognition that facilitate increased trade, investment and they are important development actors.
The bank is also offering mortgage loan in case facilities for those who want to settle back into the country.
The loan can be used for; buying a residential or commercial property, buying a plot/land, joint mortgage, mortgage Top Up, mortgage Takeover from Other Financial Institutions and equity release.
Those eligible must provide full copy of Kenyan Passport/Kenya national Identity card copy of Kenyan PIN certificate, valid copy of residence or work permit
and a copy of recent utility bill (gas, power).
They are also required to provide a letter from employer stating employment terms, fill in and sign loan application forms, three months latest pay slips and months latest certified salary bank statements among others.
