Investing in dreams, one account at a time
In the intricate dance between Kenyans in the diaspora and their relatives back home, the melody of remittances plays a dual tune—one of progress and another of betrayal.
These financial lifelines, which increased by 8.34 percent reaching $4.027 billion in 2022 and intended to fuel development projects and uplift entire communities, have indeed been the power behind the rise of Nairobi’s luxury real estate, as noted by the World Wealth Report.
Yet, as the bonds of familial trust stretch across borders, a disconcerting note emerges, revealing a growing shadow cast by deceit. While the diaspora’s generosity paints a picture of prosperity, a darker canvas unveils a narrative of familial exploitation.
A significant number of Kenyans abroad are not only navigating the complexities of cross-border financial management but are also grappling with a disconcerting realization that some of their kin have become opportunistic swindlers.
Absa One Current Account
As the glow of goodwill dims, resentment simmers, and the once unbreakable ties binding cousins, uncles, aunts, fathers, mothers, and siblings strain under the weight of betrayal.
This complex interplay raises questions about trust, and whether there are financial products that can shield one from risks lurking within the folds of familial bonds.
For instance, Absa Bank’s range of banking solutions is tailored to fit the unique needs of Kenya’s rising diaspora community. From the Absa One Current Account, offering no monthly service fees, to the Digital Savings Account with an interest rate of 9 percent per annum, these accounts are not just financial instruments but tools for realizing dreams.
Absa’s diaspora banking suite emerges as a beacon of convenience and security for Kenyans living and working abroad. Beyond offering traditional banking services, this suite empowers individuals to effortlessly manage financial obligations back home.
Whether it’s settling school fees, disbursing salaries, or taking care of bills and utilities, Absa Bank’s diaspora banking services transcend geographical boundaries, allowing Kenyans abroad to execute these transactions with ease from any corner of the world.
One distinctive feature of Absa Bank’s diaspora banking suite is the provision of expert advice tailored to the unique challenges faced by Kenyans navigating property transactions from afar.
The suite acts as a shield against potential pitfalls, ensuring that individuals receive trustworthy guidance without the risk of falling prey to unscrupulous brokers or dishonest relatives.
This strategic move not only fosters financial security but also builds a bridge of trust between the bank and its diaspora clientele, reassuring them that their hard-earned money is invested wisely and their property ventures are shielded from opportunistic exploitation.
By offering a suite of services that extends beyond mere transactions, Absa is fostering a sense of empowerment among Kenyans abroad, ensuring that their ambitions are not just dreams but tangible realities set firmly on the path to fruition.
Read also: How Absa Bank is empowering Kenyans through digital savings
Open accounts digitally
Whether it’s securing a financial future through savings, conveniently settling payments, or making informed investment decisions with expert guidance, the Absa KE app positions itself as a digital companion, bringing the entire suite of Absa’s financial services to the fingertips of its customers.
The digital era demands convenience, and the Absa KE app delivers precisely that by allowing users to open accounts digitally, in less than 10 minutes.
Diaspora remittances have emerged as the primary source of foreign exchange for Kenya, surpassing the earnings from tea, the country’s top export at $1.2 billion, and horticulture at $901 million in 2022. Increasingly, diaspora remittances have become a pivotal economic driver.
Notably, the United States of America and several countries across Europe such as the UK and Germany stand out as the primary contributors, accounting for over 70 percent of the total diaspora remittances flowing into Kenya.
Oil-rich Saudi Arabia is also emerging as a significant source of remittances with Central Bank of Kenya data showing inflows from the Middle East country surged by 30.28 percent, reaching $246 million in the initial eight months of 2023. This marks a significant increase from the $188.8 million recorded during the corresponding period in 2022.
The substantial rise in remittances underscores the economic significance of Kenyans living abroad, prompting a strategic focus by financial service providers to offer tailored solutions that address the unique financial requirements of this growing demographic.
