The investment products will ride on booming property market, and building and construction sectors.
Kenyans living abroad have been keen to invest back home, but red tape and fears of being defrauded rank high in their concerns.
Diaspora Kenyans have emerged as critical players in the growth of the economy.
Kenya Commercial Bank #ticker:KCB (KCB) is currently courting Kenyans living in Australia and the United Arab Emirates (UAE) with investment products as it eyes expansion of services outside the country.
KCB head of diaspora banking, Vincent Aberi, says the lender has stepped its foray into other markets to offer Kenyans in the diaspora a chance to take part in investment opportunities back home.
The products will ride on the country's booming property market and construction sector.
“We already offer 360 degree services from buying, building, getting approvals, selling and managing of land to offer value and convenience to our customers,” said Mr Aberi.
Explore markets
KCB, the largest bank by assets, says its diaspora solutions will also serve customers in Australia, US, Canada, Africa, Europe and parts of the Middle East.
Deposits currently stand at Sh2.1 billion with significant growth expected over the year as the bank explores entry into other markets.
The bank’s diaspora team has been on a month-long tour of Australia and the United Arab Emirates (UAE) where it has been trainings agents, chamas and saccos on investment opportunities in Kenya and the banking solutions the lender is offering.
Kenyans living abroad have been keen to invest back home, but red tape and fears of being defrauded rank high among their concerns.
Key driver
In the last two decades, they have emerged as critical players in the growth of the economy.
Central Bank of Kenya (CBK) data shows that remittances as a share of GDP stabilised at 2.3 per cent over the 12 months to October 2017, underlining the key role of diaspora remittances in supporting the Shilling.
Latest data from CBK shows that in February, remittances hit a monthly high of Sh21.25 billion ($210.36 million), helped by an increase of inflows from the US.
The Australia and Dubai trips by KCB staff follows previous tours of the US and UK earlier in the year.
