Absa expands digital services to Kenyans in the diaspora
Absa Bank Kenya has taken a step in facilitating financial services for Kenyan in the diaspora with the expansion of its digital platform. The move aims to simplify banking, savings, and payment needs for both existing customers and non-customers living and working abroad.
Through Absa self-service platform, Kenyans abroad can complete the onboarding process within minutes using their mobile phones or the bank’s online platform. Regardless of whether they are already Absa Bank customers or not, individuals can easily access the Absa Banking app or visit the bank’s website to complete the registration and start transacting seamlessly.
Abdi Mohamed, the Managing Director of Absa Bank Kenya PLC, said the digital product empowers diaspora clients to participate in local investments.
Experience for diaspora transactions
The platform is designed to provide a smooth experience for diaspora transactions, including mobile banking for convenient money transfers to recipients’ phones. This feature is beneficial for covering expenses such as education, medical care, household expenses, groceries, and shopping.
Mr. Mohamed said the bank is commitment to unlocking the economic potential of Kenyans abroad through innovative, people-centered solutions. He stated, “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-centered solutions. This proposition will offer various banking options as if the customers were living in Kenya. Whether Kenyans in Diaspora are living in other African countries, the Middle East, America, or Europe, they can continue transacting without having to travel back home.”
Further, Absa diaspora customers will enjoy access to savings and payment options at competitive foreign exchange rates, all from the convenience of their smartphones, tablets, or computers. This digital solution not only benefits Kenyan expatriates but also supports their friends and loved ones back home.
The expansion of digital services simplifies the remittance process for Kenyan expatriates living and working across Africa, the US, and the United Kingdom, leveraging the bank’s Pan-African presence and global network.
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Diaspora inflows rising
This strategic move aligns with the opportunities presented by the Africa Continental Free Trade Area (AfCFTA) and acknowledges the growing importance of Kenyans abroad in the local economy.
In recent years, Kenyans in the diaspora have become a significant part of the economy, 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 continued to rise, increasing by 3.65 percent as of May 2023.
This growth resulted in remittances amounting to $352.1 million (equivalent to Kes49.7 billion at current exchange rates) compared to May 2022. The expansion of Absa Bank’s digital services is expected to further boost these figures, providing Kenyans in the Diaspora with even more convenient and efficient financial solutions.
