Co-operative Bank of Kenya Launches Diaspora Center

Co-operative Bank of Kenya has launched a ‘Diaspora Service Center’, the first of its kind specially designed for Kenyans living abroad including Diaspora Saccos to handle all their banking needs.

The center offers greater flexibility, advise on investment options such as real estate and wealth management with a call center back-up to ensure a 24/7.

Speaking at the launch, Mr. Maurice Matumo, Director Retail and Business Banking said, “As one of the banks handling the largest inflows of Diaspora remittances, the Co-operative Bank was already feeling the pressure to expand capacity to handle the surging volumes.

The new Diaspora Center therefore, comes at a most opportune time, to ensure that Kenyans abroad are able to access banking services with minimum hassle, just like home.”

According to Ms.Milka Wachira, Head Diaspora Banking, the need for such a dedicated facility when their profiled diaspora clients revealed that majority of them are in the 21-50 years age bracket and whose incomes range between Ksh 100,000 to KSh 2Million and their ability to access financial services was critical to the realization of their career goals and their need to invest back in Kenya.

Beldina Ouma, a client with the banking the USA said most Kenyan banks are not responsive to their diaspora client. “However, this team here at Co-operative Bank they are responsive and professional, they are humans they do not make you feel patronized.”

Orgaden Shivairo, a Co-op Bank agent in Qatar, noted there was a strong customer confidence in Co-op Bank Diaspora products and services. “Co-op Bank Diaspora banking support in Qatar is amazing.”

Pastor Jackson Kingori, a Co-op Bank Agent in the USA, said Co-op Bank has a cutting edge in Diaspora customer responsiveness. “As an agent, I am very grateful for the support I receive from the bank when it comes to customer support.”

She however, urged the bank to do much more to market their products.

The Diaspora Center will serve Diaspora Saccos that have been started by Kenyans in various countries across the world.

“Co-op Bank is particularly keen to strengthen Diaspora Saccos because we believe that the same socio-economic empowerment that sacccos have done for majority of Kenyans is the same one they can do for Kenyans abroad,” Matumo says.

Diaspora remittances have maintained an upward trend in the country over the recent past thus contributing significantly to the country’s foreign exchange inflows.

Most of the money sent by about half a million Kenyans living in the Diaspora, according to the World Bank, is used to fund investment projects, a move that has attracted local companies, especially in the banking sector.

In 2015, Kenyans in diaspora sent USD 1.6 Million (KSh163 Billion) in remittances.