Businesses & Financial News

Credit Bank, Kenya Diaspora Alliance sign historic deal

Kenya’s Credit Bank Tuesday signed a partnership deal with the Kenya Diaspora Alliance in a move that will see the lender provide financial solutions to empower Kenyans living abroad to safely invest back home.

Credit Bank’s Chief Executive Officer, Ms. Betty Korir, said during the signing pact that the move was motivated by the growth in the diaspora remittances, projected to have overtook global investments on local opportunities.

She attributed the shift to digital transformation in the country’s financial services sector.

“The daggers have been drawn and the battlefield for customers in the banking sector is now being fought on the digital front,” said Ms. Korir. “Thanks to advancement in technology, consumer preference keeps on changing as does the need for us to transform, digitally, by offering solutions which address all our customers.”

Figures by the Central Bank of Kenya (CBK) data show that remittances by Kenyans living abroad rose by 20.3 per cent in the 12 months which led up July 2021.

This amounted to Sh376.5 billion as compared to Sh317.2 billion in the preceding 12 months to July 2020 with North America, and the United States of America, in particular, making for the largest source and accounting for 58.3 per cent of remittance inflows into Kenya.

The Kenya Diaspora Alliance (KDA) and its precursors were instrumental in introducing and popularizing technology, notably information technology (IT) and the Internet, in particular, not just in Kenya, but in Sub-Sahara Africa as a whole.

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