ABC Vision Diaspora Edition February 2013


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ABC Vision Diaspora Edition February 2013

  1. 1. Diaspora Edition February 2013, Issue No. 2Diaspora: We are creating jobs and wealth in KenyaSome Kenyans may not be appreciating fully the critical role non-resident Kenyans are playing in the economicdevelopment of this country. A few may dismiss them as a small number of fellow citizens who regularly sendmoney to their next of kin and friends for their day-to-day expenditure and invest the little that remains on theirbehalf. But this is a small picture of what they do. For instance, the amount of money Kenyans in the Diasporasent home rose by a 31.4 per cent to Sh104.3 billion in 2012 from Ksh.77.4 billion in 2011.This amount not only helped to stabilise the Kenya shilling, but also found its way into various ­investmentsacross the economy.”Although we are away from home, we support our families but also contribute to thecountry’s employment and wealth creation efforts,” says Mr Freddie Siva, a Kenyan residing in the Diaspora,who has invested in a boutique in Mombasa and agriculture in ­Western Kenya. As Kenyans go into the March4, 2013 General election, Mr. Siva urges them to ­maintain peace in the run up, during and after the polls to­encourage investors, foreign and local -including Kenyans in the Diaspora - to invest in the country.“Through ABC bank, I can be ableto send money transfers backhome while sitting in the office”Mr. Siva who is an ABC Bank customer is currently­serving the American Army in Afghanistan. He has adream of building a house in Mombasa. One of his­challenges of pursuing this dream is the fear of repeat-ed election violence.“I would like to urge Kenyans to maintain peace after the March 4th General elections so as to not discourage Diasporainvestors like myself from investing back home. I would also like to request the government to address security issues sothat our investments can are safe while we are away.”He praises ABC Bank in facilitating his banking needs. ABC Bank has been a great help to me ever since I became a customerin 2010. Through ABC bank, I can be able to send money transfers back home while sitting in the office” he says.
  2. 2. The beginning of the year is a time of reflection for the ABCfamily. And as we look back on 2012, its highs and lows, oursuccesses and failures, I am encouraged by the strides wehave made in what we considered to be a transition year forthe Bank.Some of the key highlights of 2012 include:• The completion, launch and the start of­implementation of our five year strategy, there-by laying a firm foundation for our plannedgrowth. There were many discussions and heat-ed debates during the strategy process, but I amhappy to say that we forged a consensus with ashared vision for the future. The process dem-onstrated to me, how passionate Team ABC is todeliver ‘the extraordinary’ to our customers andother stakeholders.• The roll out of our change management program, including the culture changetraining aspects of the program. The sheer enthusiasm with which this has beenreceived in the organization has been very rewarding; even more rewarding is­seeing the training translate into action among the staff.But while we know we have made progress in some areas, we also recognize that westill have some distance to cover in others. As we start the year, we are alive to the factthat we need to reach even higher, and strive to do greater things for the larger ABCfamily - our customers, shareholders and the larger public.These are our priorities in the New Year!Your feedback is much appreciated, so please keep it coming-talk2us@abcthebank.comI wish you all a blessed year, and pray for peace and prosperity for our beloved country,Kenya.Thank You.Group Managing DirectorThe ABC Bank Diaspora department is off to a great start this year! I thank all our customersfor their support in 2013. Indeed, through very difficult times, you have supported us andremained loyal to the Bank. As we look back over 2012, several achievements come to mind:1. The roll out of our revamped accounts including the target and pure savers accounts.These accounts, by paying higher rates of interest, are geared towards making it easierfor our customers to save in local currency back home.2. The launch of our investments bulletin early last year. That several of our customershave acquired property and made investments on the Nairobi Securities Exchange(NSE) through this channel brings us great joy. We intend to further expand this bulletinto include other avenues of investment in other regions of the country. In addition, ourpartners, Developing Afrika Limited, will be putting together a comprehensive channelto guide customers who would wish to undertake major construction projects in 2013.3. Access to air ticket purchase services, at discounted rates. This service has proven­overwhelmingly popular, and in 2013 we will be seeking additional partnerships andgreater discounts for customers.4. Our focus for 2013 is to take diaspora banking to a whole new level through unparalleledservice and convenience.To give you a sneak preview of what we have in store:1. We will be launching an exclusive web site for our diaspora customers in the first half ofthe year. Through this channel, customers will access a wealth of information and toolsto help them make better investment choices and manage money better. Services onthis platform will largely be automated, meaning that filling in numerous forms will bea thing of the past.2. The expansion of our branch network, as well as our electronic channels remains ­a­priority. Key amongthe channels tobe rolled out inthe first half of the year are ­upgradedinternet banking and Mastercard debit cards.3. We will continue to seek out new opportunities in different markets. This year, we willbe looking to new markets in Europe and the US as we seek to increase access to ourproducts and services. For our existing customers, our focus is on providing ­unparalleledservice in 2013. We recognize that there is room for improvement in our responsivenessand make a commitment to our customers to do even better this year.We look forward to growing together. Happy 2013!Ann WanjaDiaspora BankingGMD statement Diaspora Banking
  3. 3. 2013 is here - Here’s how to start saving!ABC Vision’s Q & A with Amanda Corline, Head of Retail BankingQ: ABC Bank has different accounts for its customers –local and Diaspora. Is there anyone you would recommend to a customer who wishes to save in 2013?A: We have suitable accounts depending on individual needs at different times. We havea wide range of everyday transactional accounts, savings accounts for both adults andchildren and accounts geared towards investments and high returns. For a customerwho wishes to accumulate savings, our newly revamped Pure savers account maybe ofinterest. This account is fairly restrictive, providing access to your funds once a quarter,but rewarding you with up to 9.25% p.a. interest on saved funds.Q: Why do you recommend this particular account?A: This account would enable a customer to achieve his or her dreams and goals byencouraging disciplined saving. It actually gives returns comparable to fixed deposits,but with a slightly more flexibility, in case of emergencies. Transferring funds into thisaccount is easy and affordable. In addition, we have removed the points of ‘temptation’– we do not provide an ATM or cheque book on this account.Q: What are its key features?A: The minimum opening balance for this account is Kshs. 5,000. This is the minimuminterest earning balance. We recommend that customers who hold this account to putin place standing orders from their existing current accounts or transactional accountsto ensure saving is regular and as convenient as possible. There are no hidden charges,and interest is calculated monthly, but credited quarterly.Q: What does one need to open this account?A: It is simple to open a Pure Savers Account. All existing customers need is a letterrequesting the Bank to open the account and Kshs. 5,000 opening balance. For non ac-count holders, all we need are two passport-size photos and a copy of their national I.D.or Passport to open it after in addition to filling a form. What’s more clients can openthe account from the comfort of their offices or homes! Just drop us a line and we willcome to youWrite to us on for more information.Product Focus
  4. 4. ­Kenya shilling report for the period ­endingJanuary 21st2013The Kenya shilling weakened gradually in themonth of January touching a low of 87.10 by theclose of business on 21st January, 2013. The follow-ing factors contributed to the shilling’s slide;• Kenya’s monetary policy committee lowered the Central Bank Rate (CBR) to 9.50%, whichwas a bigger-than-expected margin.• Yields in government securities continued to come down, which has led to reduced inves-tor participation in T-bill auctions, hence increased shilling liquidity.• Increased dollar demand in the market as importers purchase to keep stock in anticipationof further shilling fall.However the shilling was supported from further volatility by,• Continuous support by central bank through draining of excess liquidity in the market anddirect ­intervention via selling of dollars to commercial banks.Highlights• Opening Rate: 85.70• High for the Period: 87.10• Low for the Period: 85.60• Closing Rate: 87.10• Range for the Period: 85.60 – 87.70KES OUTLOOK GOING FORWARDWe expect the shilling to continue weakening against the dollar and trade in the 86.60 to87.50 range in the coming days.The Political situation is also a factor to watch.News Analysis
  5. 5. ABC HighlightsIntroducing our General Manager, Group Business DevelopmentWe are pleased to introduce Mr. Peter Kinyanjui, who joined ABC Bank Group in October 2012 as General Manager, Group Business ­Development.Mr. Kinyanjui holds a Bachelors of Science (HONS) in Business ­Administration, an MBA in Strategic Management and is also an ­Associate of the CharteredI­nstitute of Bankers London and a Fellow of the ­Kenya ­Institute of Bankers. He is an experienced professional banker, with excellent t e a m l e a d e r s hi p , high level planning, organizational design and transformational skills.He possesses a wealth of practical experience and skills in all aspects of banking and management, acquired during his rich banking career spreading overtwenty five (25) years in various senior and Executive Management positions held at Family Bank, Industrial Development Bank (IDB), and Barclays Bank.He is well known for ground breaking initiatives in the Kenya banking industry, and his joining presents ABC Bank Group the opportunity to optimallyleverage our synergies across our various businesses-banking in Kenya and Uganda, insurance and capital markets.Peter can be reached on (020) 4263 015 or
  6. 6. for more information.Price Ksh 1 Million Per Acre.The farm has 6 acres with mature mango and coconuttrees.Mtwapa farm 6acresPrice Ksh 2 Million Per Acre.1/8 Acre fully serviced gated community plots, 2nd rowfrom the beach, near Mtwapa beach hotel.Mtwapa 1/8 acre plotINVESTMENT OPPORTUNTIESPROPERTY INVESTMENTS
  7. 7. for more information.Treat yourself to an unforgttable getaway from the busyhas 6 acre w ith mature mango and coconut trees. Theview of the country is breath taking and you will be left tonot want to leave as you listen to the birds chirping in theneighbourhood the farm is 6 acres in tatal.Sale price : Kshs 1.6 million per acreKitengela, BungalowThe house is in Kitengela - New Valley Estate. Its on standalone 1/8 plot of land. Fully done 3 bedroomed bungalowcommon toilet and bathroom. Spacious kitchen and store.Water and electricity available.-rized drawings.Sale price : Kshs 4.6 millionProperty
  8. 8. You are the reasonwe came to work today.Email talk2us@abcthebank.comFacebook www.abcthebank.comPhone +254 (20) 4263000Q: is it possible to have more than one accountlinked to my internet banking account?A; Hello. thank you for writing to us,Yes you can have more than one account linked toyour internet banking account. I have attached thethe accounts ( in the account details section) thatyou would want to be linked to internet banking. Ifyou have any other query or inquiry do not hesitateto contact us. Thank You so much for being ourcustomer. Happy Christmas!Q: Hi. I operate a Kisima account for which a standard monthly charge ofKShs 495 is levied on my account. This has always been this way since Iopened the account several years ago and Iam okey with thisarrangement.In the month of December 2012, the standard charge waslevied on 31 Dec 2012, as per below. However, I note that on 28 December2012, another charge of KShs 1,200 was also debited to my account. This isa wrongful charge and I object to the same. This transaction should berevised to reinstate my account to the correct cash position.account is a recovery for online banking charges which is done annually.Online banking is charged separately from any charges of an accountbecause it is a service on its own. Should you feel that you require furtherinformation please do not hesitate to contact us. Thank you so much forbeing our customer and for the support. Have a nice day and a blessed newQ: Im an abc bank account holder in libra housebranch. please can you open for me internetbanking account?A: Thank you for writing to us. For us to set youup for online banking you are required to send usinstructions. by completing an internet bankingapplication form and an email indemnity. formboth duly signed by yourself. Please completethe attached forms and send them back to us.We look forward to hearing from you. Thank youso much for banking with us. Have a nice day.ServiceDear Customer,Are you in Kenya or in any other country in theworld?No matter where you are, you can noweasily send us your complaints, complimentsand queries. We are all ears on:Customer Feedback