Co-operative Bank is tapping the growing financial trove presented by Kenyans working abroad through its diaspora banking services. The Diaspora Banking platform helps customers operate bank accounts seamlessly and anywhere through its internet banking platform.
The diaspora account is also supported by its various money transfer options which include Transfast, Instant Cash, MoneyGram, SWIFT, Western Union, WorldRemit and Remitly. Co-op Bank has also enhanced its offering with options on buying of property or land through its mortgage property hub.
The diaspora transactional account can be opened in the name of an individual or joìnt names. “The account allows regular bank transactions from anywhere in the world and in Kenya shillings and the three major currencies of USD, GBP, or EURO,” the bank says.
The Co-op Bank diaspora business current account offers customers the opportunity to transact under a business name, partnerships, and trading companies. Also, the account caters to the diaspora Saccos registered by the Kenyan Ministry of Co-operatives.
The young ones are no left out with the children account (Jumbo Junior) also being offered at the international level to teach kids how to be responsible with money. It is also available in Kenya shillings and the three leading global currencies.
Also offered is the fixed & call deposits account that allows you to save money for a long period while maximizing the attractive interest rates.
Meanwhile, diaspora account holders have access to a number of investment opportunities including Treasury bonds, which is basically lending money to the government and earning interest on it. This is a safe haven for your money which comes with predictable returns over time.
They can also invest in Treasury bills, the paperless short-term borrowing instrument issued by the government through the Central Bank of Kenya (as a fiscal agent) to raise money on a short-term basis – for a period of up to one year. Treasury bills are sold at a discounted price to reflect the investor’s return and redeemed at face (par) value. Through diaspora banking service, Co-operative Bank invests in Treasury bills and bonds on your behalf at a small commission.
Through the diaspora account customers also enjoy custody & registrar services, where it safeguards financial assets and oversees the prudent management of these assets. Account holders can also trade in shares to own a piece of publicly listed companies by investing in shares through Kingdom Securities Ltd.
Diaspora accountholders also qualify for normal loans and mortgages besides also having access to various insurance products such as medical, motor, general, agricultural, life cover, micro-business. Co-op Bank has agents in various countries all over the world who act as liaison persons between the bank and customers.