Monday 9th July 2018: Kenya Bankers Association has given the following guidelines on Over The Counter Cash transactions effective Sunday, 1st July 2018:
Cash transactions of Kes 1 million ( or equivalent in foreign currency) and above will be subject to various levels of approval by the Bank. The cash transaction limits are daily limits, and not only limits per transaction.
For cash transactions equal to or above Kes 10 Million, you will be required to give a three-day written notice of the intention to transact to the Branch Manager, giving the following information:
Source of funds (with supporting evidence) for deposit transactions
For withdrawal transactions: for what purpose are the funds being used?
Why RTGS cannot be used
ID/Passport copies of person to make the cash transaction
ID/Passport copies of all payees/beneficiaries
You will be required to provide the above information by filling and duly signing the Large Cash Declaration Form which will be available at the Branch.
These guidelines are to be applied alongside the existing Central Bank Prudential Guidelines and provisions of the Proceeds Of Crime and Anti-Money Laundering Act/Combating the Financing of Terrorism (POCAMLA/CFT) regulations.
NB: Following the 2018 budget, the Bank will charge excise duty of 0.05% for all bank transfers of Kes 500,000 and above. Excise duty on mobile transfer fees will also increase from 10% to 12%.
For more information or clarification, please visit any of our branches countrywide, firstname.lastname@example.org or call us on 0701 700 700.
Saturday, 30th June 2018: ABC Bank sponsored the World Sickle Cell Day 5 Km Walk organized by the Community Information Network (CIN) with a donation of Kes 100,000 . The event was held on Saturday 30th June 2018 at Kenya Society of the Blind and ABC Bank staff turned up to show their support.
Community Information Network (CIN) organized the walk to help build awareness on Sickle Cell Disease in Kenya and supporting those who are affected. World Sickle Cell Day is celebrated annually on 19th June every year.
Tuesday 3rd July 2018: ABC Bank sponsored Itando Mission of Hope Girls Orphanage, an initiative run by The Mudavadi Memorial Foundation Trust Fund (MMFTF), with a donation of Ksh 100,000. ABC Westlands Branch Manager, Mr Paul Gatonye, presented the cheque to Tessie Musalia, one of the co-founders of the Foundation. “We are glad to be part of the team building the nation and changing lives,” said Paul.
Itando Children’s Home was established as an initiative by The Mudavadi Memorial Foundation Trust Fund (MMFTF) after seeing the plight of children who had been orphaned mainly due to the effect of HIV/Aids.The goal of the foundation is to transform the orphanage into a Centre of Excellence where the children shall be mentored and nurtured into role models, and, establish a centre within where the youth from the community shall be taught life skills.
ABC Bank has supported initiatives in the education sector over the years as our continued commitment in supporting and giving back to the community.
June 20th, 2018: ABC Bank Diaspora team is back in the US for a week-long tour from 22nd June to 2nd July, 2018. After a successful tour in May 2017, where we were able to connect with many Kenyans living in various states in the US and build long lasting partnerships, the ABC team will be touring more states this year in an effort to reach more Kenyans living in the diaspora.
The tour is part of ABC Bank’s plan for Diaspora engagement and partnership-building to leverage the business opportunities both in the US and in Kenya that the Diaspora Community can benefit from. During the trip, the team will tour Dallas-Texas, Houston-Texas, and Seattle, Washington.
ABC Bank Head of Diaspora Banking, Joseph Waithaka will be accompanied by a team from Username Investments and Kenya USA Diaspora Sacco. The team will attend the Kenya USA Diaspora Sacco AGM, hold road shows and meet and greet among other activities.
ABC Bank prides itself in providing distinguished financial service to Kenyans in the Diaspora, such as remittances,investments, insurance & risk mangement, shares & bonds trading as wells as professional investment advice to customers to enable them make informed investment decisions and enlighten them on the best investment opportunities available in Kenya.
Additionally, ABC Bank has a wide range of international money transfer services that customers can use to conveniently and securely send funds to their loved ones back in Kenya. Our award-winning Internet Banking service and user-friendly iOS and Android App which offer customers a borderless, seamless and convenient banking experience; secure local and international account-to-account transfers, mobile transfers and much more. It literally makes you your own bank teller, using PC, mobile or tablet.
For more details contact:
Whatsapp: + 254 701 303 731
Thursday 31st May: ABC Bank has sponsored AIC Kijabe Hospital with a donation of Sh 250,000 for a fundraising dinner.
Head of Retail Banking Amanda Corline presented the cheque to AIC Cure’s Grant Consultant Jacqueline Kyalo at the Bank’s Head Office in Westlands.
The hospital is organizing the fundraising dinner for their 20th Anniversary celebrations & fundraising dinner for the children living with disability to be held on Friday, 27th July 2018. AIC Cure’s mission is to provide access to quality health care and bring physical, emotional and spiritual restoration to the children and families
ABC Bank has partnered with AIC Cure on various health initiatives such as AIC Kijabe Hospital Cancer Run that was aimed at supporting their oncology unit that focuses on diagnosis and treatment of cancer.
11th May, 2018: ABC Bank had a double victory during the 2018 Banking Awards gala organised by Think Business held at Radisson Blu Hotel
The Bank was awarded:
2nd Runners-Up – The Most Customer-centric bank
2nd Runners-Up – Bank with the Lowest Charges for Individuals
The awards affirm the Bank’s commitment to uphold our core value of customer centricity where we strive to be an understanding, friendly, flexible and reliable bank in meeting our customer needs.
ABC Bank is dedicated to creating relationships with our customers and journeying with each client in their individual pursuits by having a dedicated team and tailor-made financial solutions at affordable rates to meet our customer’s unique needs
We thank you for your support. Your success is our success. Asante sana!
On Monday, 7th May 2018, HR Manager Julius Muhia presented a school fees cheque to Evalyne Mugure, a form two student at Karima Girls in Kinangop, Nyandarua County. ABC Bank has put initiatives to empower communities through education as a way of giving back to the society. In the words of Nelson Mandela, “Education is the most powerful weapon which you can use to change the world.”
On Saturday, 28th April, ABC Bank a.k.a Friends Of Kayole (FOK) visited Kayole Children’s Home and surprised them with “Back to School” goodies.
ABC Bank has over the years supported Kayole Children’s Home, led by our selfless Audit team, through various initiatives such as quarterly visits, donating food stuffs and toiletries, paying school fees for some of the students and spending time with them.
The staff cooked for the children, danced and played games with them. They wrapped it up by presenting the children with Back-to-School hampers for each student and foodstuff and toiletries for the home.
On Thursday, 19th April 2018 ABC Bank donated Sh. 500,000 to the Mater Misericordiae Hospital in support of this year’s Mater Heart Run to be held on Saturday 26th May 2018 at the Nyayo National Stadium.
ABC Bank has supported The Mater Heart Run over the years as our continued commitment to investing in the health sector as a way of giving back to the community.
Since the Mater Cardiac Program started in 1996, the program has benefited over 3000 children to date. Majority of the beneficiaries are Kenyan children from all over the country; however children from Uganda, Tanzania, Ethiopia, Malawi and Zambia have also benefited from the fund.
ABC Bank is back at it again for the Diaspora people. If you thought surprising your loved ones back at home on Valentines day courtesy of ABC bank was huge, then you haven’t had the best of ABC Bank yet. Here is a great opportunity for all ABC Bank Diaspora clients to win a return ticket back home among other great prizes to be won.
All you have to do is provide us with both your details and those of your fellow Diaspora loved ones through the link provided below. Try it and you could be the lucky winner of a return ticket back home, a shopping voucher, have your rent paid among many other prizes to be won.
On Saturday 7th April, poets in Kisumu took their best rhythm and flows to the East Africa Poetic Challenge held at Acacia Premier Hotel.
ABC Bank participated in the event and some of our Kisumu branch staff attended the event. Willy Oeba, the winner of the challenge, was presented with a cheque by Kisumu Deputy Governor Dr. Mathews Owili
On 16th March, ABC Bank Head of Risk & Compliance John Rioba presented a school fees cheque to Eliza Rhobi Mwita. She joined Bunyore Girls after scoring 402 Marks in last year’s KCPE examination. Eliza was the top performer in Ntimaru Sub country, Siabai location.The Bank sponsored her for her exceptional performance. President of Havard University Drew Faust once said, “We educate women because it is smart. We educate women because it changes the world.” ABC Bank believes in supporting programmes that empower the community and foster togetherness.
ABC Bank sponsored a Hindu Council Event held in Kisumu on Friday,16th March 2018 at the Sanatan Hindu Union Hall organised by the Hindu Council of Kenya – Kisumu to celebrate the art of dance. The music was performed by India’s renowned choreographer, Mr. Amrit Sinha and the theme of the event was religious Tulsi plant as a special connection point between the heaven and the earth.
The Bank has supported the event for two consecutive years and utilized the opportunity to strengthen the relationship between ABC Bank and the Indian community in Kisumu.
On Valentines day, ABC Bank was painting the town red…..with flowers and gifts. The Bank staff went about delivering Valentines gifts on behalf of our diaspora customers to their loved ones. It was a day filled with smiles and tears as recipients were amazed how their loved ones in the diaspora were able to surprise them with gifts despite being far away.
This is in line with the Bank’s mission of creating stronger relationships and demonstrates our strong beliefs in family values and relationships.
On Sunday, 7th January 2018, ABC Bank Eldoret Branch staff joined Hon. Janet Sitinei, MP for Turbo Constituency, Uasin Gishu County, for a fundraising ceremony to raise school fees for 31 needy students from Turbo constituency who scored 350 marks and above in the KCPE examinations to enable them join secondary school. The Bank has been supporting community initiatives in the education sector, for it is through education that we change the world.
On 15th December 2017, ABC Bank, led by the Diaspora team, hosted the second edition of the “Diaspora mbuzi choma party” at the La Maison Royale, to appreciate our Diaspora customers who are in town to celebrate the festive season with family and friends. The Bank organised the get-together meeting in partnership with Username Investments, to interact with its Diaspora customers, strengthen the cordial relationship and identify opportunities for mutual cooperation.
“This was a great opportunity not only for the Bank to interact with the diaspora customers, but also for the customers who are in the same countries to network. They also discussed with investment professionals who advised them on current investment opportunities in the country,” Joseph Waithaka Head of Diaspora Banking said.
30th November, 2017: ABC Bank was recognized by Standard Chartered Bank for diligence and accuracy in Transactions and payments formatting (Straight Through Process – STP) during a Cocktail and Award ceremony held on 30th November, 2017 at the Norfolk Hotel. Standard Chartered Bank, our intermediary bank for international payments, awarded us for ensuring that our payments are sent in the accurate format. This means that the payments are automatically processed by the systems hence not requiring manual intervention.
30th November, 2017: ABC Bank won three awards during the 2017 Champions of Governance (CoG) awards organized by the Institute of Certified Public Secretaries of Kenya held at the Radisson Blu Hotel.
The Bank was awarded:
· Winner – Most Improved Organization 2017
· 1st runners up – Finance and Investments category
· 2nd runners up – Champion of Governance 2017
The awards affirm the Bank’s commitment in implementing and complying with principles of good governance of responsibility, accountability, fairness and transparency. The Bank has over the years invested in processes to ensure adherence to industry guidelines and that support good governance in relation with its internal and external stakeholders.
We are truly grateful for your support that has made it possible for us to come this far and be feted. Asante sana!
9th October 2017: ABC Bank joined the world in marking this year’s Customer Service Week by celebrating its relationship with customers in all its branches. The Bank engaged customers and staff in a variety of exciting activities.
The annual week-long event was marked from 2nd to 6th October. This is an international celebration of the importance of customer service and of the people who serve and support customers on a daily basis. Locally, the event is coordinated by the Institute of Customer Service of Kenya.
Customers were treated to a selection of goodies and lucky dips were lucky participants walked away with an assortment of prizes. In an effort to improve its service to customers, the bank utilized the opportunity to receive feedback from customers.
Here is a pictorial round-up of the week’s events both at branches and the Head Office.
Nairobi August 1, 2017: ABC Bank has enhanced its anti-money laundering program with a new anti-money laundering software which is a fully automated and robust application that features sophisticated architecture that shields it against risks associated with criminal financial dealings by automatically monitoring and blocking suspicious transactions on a real time basis.
The software design combines all major functions of anti-money laundering systems, making it highly effective in helping the Bank comply more comprehensively not only with the Proceeds of Crime and Anti-Money Laundering (Amendment) Act 2017 but also with the Foreign Account Tax Compliance Act (FATCA), a US regulation that requires foreign financial Institutions to report on foreign assets held by their American account holders. It is also effective in preventing terrorism financing globally.
“The nature of banking is rapidly changing, and this makes monitoring of unusual transactions or verifying a customer’s identity complex and time-consuming. That is why we have upgraded to more superior software that will result in greater efficiency and reduced risks for the bank,” Group Head of Risk and Compliance John Rioba said.
With enhanced real-time transaction monitoring capability, the application identifies any suspicious account activity and also patterns, thus enhancing compilation of real-time filing of Suspicious Activity Reports (SARs) or Suspicious Transaction Reports (STRs). It also features a Cash Transaction Reporting (CTR) system, which identifies and reports large cash transactions of Sh1 million ($10,000) and over, as per regulatory requirement.
Mr. Rioba added: “To achieve optimum efficiency in the implementation of our AML program, we have reviewed all our policies and processes to ensure they are efficient and in line with current requirements, the methodology and technology are sound, and our personnel well trained in line with internationally accepted best practices besides the compliance application from Infrasofttech through its local partner Innovative Software Technologies limited, ISTL in Kenya”.
IPSL- KBA, has partnered with the National Treasury, Central Deposit and Settlement Corporation (CDSC) and the Nairobi Securities Exchange (NSE) to allow M-Akiba trading through PesaLink.
The initial bond offering targets to raise Sh1 billion with a green shoe option of Sh3.5 billion.
Through a circular to bank chief executives, IPSL, the Kenya Bankers Association (KBA) subsidiary that runs the PesaLink service, said it had been invited by the National Treasury to participate in the bond due to PesaLink’s higher transaction limits. PesaLink allows customers to send upto Sh999,999 at a low cost, making it the ideal platform for those purchasing the bond.
According to the circular, IPSL will be using Paybill numbers to facilitate bond trading. “M-Akiba will be enabled through the NSE PesaLink Paybill number 889 and facilitated through PesaLink.
To trade in the bond, you will be required to register on the NSE MyTrade through NSE short code *889#.
1. Log into your individual Bank channel
2. Navigate to PesaLink option
3. Select ‘send to phone’
4. Enter 889 as the mobile number (This is the number mapped to M-Akiba account)
5. Enter amount
6. Enter reason for payment (for this purpose, enter your ID number)
7. CDSC through their nominated bank will confirm payment receipt and issue corresponding security.
For further support, contact us on email@example.com or call 0701 700 700.