Kenyans in the Diaspora now have a reason to smile as Absa Bank Kenya takes a significant step towards simplifying their banking and financial needs.
The renowned financial institution has expanded its services to cater to Kenyans living and working abroad through its existing digital platform.
This move aims to provide a seamless experience for customers and non-customers alike, addressing the challenges faced by most Kenyans in the Diaspora.
The newly enhanced self-service platform enables Kenyans abroad to complete the onboarding process within minutes, all through their mobile phones or the bank's online platform.
Whether they are existing customers or new to Absa Bank, individuals can conveniently visit the Absa Bank website or download the Absa Banking app, complete the straightforward registration process, and begin transacting.
Abdi Mohamed, the Managing Director of Absa Bank Kenya PLC, expressed his enthusiasm for this digital solution, emphasizing its potential to empower Diaspora clients to engage in local investments once the onboarding process is completed.
The platform offers a range of services, including mobile banking for easy money transfers to recipients' phones – a common method for handling expenses such as education, medical care, household needs, groceries, and shopping.
"As a partner embracing digital technology, we understand Kenyans’ aspirations, and it’s our commitment to unlocking their immense economic potential and value through innovative people-centred solutions," Mohamed stated.
"This proposition will offer various banking options as if the customers were living in Kenya. Whether Kenyans in the Diaspora are living in other African countries, the Middle East, America, or Europe, they can continue transacting without having to travel back home."
Furthermore, Absa Diaspora customers will enjoy access to savings and payment options at competitive foreign exchange rates, all from the comfort of their smartphones, tablets, or computers.
This move goes beyond supporting their loved ones back home and extends to personal financial growth and flexibility.
The remittance process for Kenyans living and working across Africa, the United States of America, and the United Kingdom will be significantly simplified thanks to Absa Bank Kenya's Pan-African presence and global network.
This development aligns with the opportunities presented by the Africa Continental Free Trade Area (AfCFTA) and underscores the growing importance of Kenyans abroad in the local economy.
Recent years have witnessed Kenyans in the Diaspora becoming a significant economic force, contributing more than traditional sources of foreign exchange such as tourism, tea, coffee, and horticultural exports.
According to recent statistics from the Central Bank of Kenya, remittances from Kenyans in the Diaspora have witnessed a notable increase of 3.65 per cent as of May 2023, reaching a total of USD 352.1 million (equivalent to Sh49.7 billion at current exchange rates) compared to May 2022.
The new Diaspora Banking platform is easily accessible through the Absa website, making it convenient for Kenyans abroad to take advantage of this exciting opportunity to simplify their financial affairs and contribute even more to Kenya's economic growth and development.