News

ABC Bank hosts Kisumu Muslims to Iftar- 27th June, 2017

ABC Bank hosted Kisumu an Iftar dinner as for Muslims in Kisumu, as the faithfuls around the world marked the end of the holy month of Ramadhan.

Iftar is the meal served at the end of the day during Ramadan, to break the day’s fast. Literally, it means “breakfast.” Iftar is served at sunset during each day of Ramadan, as Muslims break the daily fast.

Kisumu Iftar

Kisumu Branch Manager Douglas Okiring speaks during the Iftar event

The bank used the opportunity to demonstrate its support for communities among which it operates, as well as to strengthen its ties with existing clients and to establish contact with new ones.

Through its Kisumu branch, the bank organised the event as a way of appreciating the Muslim community there for their business support. The event drew both customers and non-customers alike.

Kisumu Iftar

A cross-section of Muslim faithfuls at the event.

ABC Bank Koinange branch relocates- 19th June 2017

ABC Bank’s Koinange Street branch has moved to a new location on College House at the junction of Koinange Street and University Way in Nairobi.

The new redesigned branch opened its doors to the public on Monday 19th June 2017. The relocation is part of the bank’s plans to enhance convenience of access for customers.

The bank has redesigned its branches to respond to the changing needs of the discerning banking public, and to provide a unique banking experience to its customers.

College House Branch

The new branch


College House Branch

Rosemary Kiboro (left) presents a welcome gift to a customer on the first day at the branch. Looking on is Rachael Ngandu (centre).


College House Branch

Customers being served inside the branch

ABC Bank supports The Medical Fund of Siri Guru Singh Sabha food festival- 20th May, 2017

ABC Bank sponsored the food festival and fun day organized by the Medical Fund of Siri Guru Singh Sabha in Mombasa. It was also the 23rd anniversary celebration.

The Medical Fund donation Msa

ABC Bank’s Chief Credit Officer Raj Arora (right) Mombasa Branch Relationship Manager Mbugua Muiruri ​(centre) ​and Customer Service Officer Wafaa Al-amry​ (left)​ present a sponsorship cheque to the Chairman of The Medical Fund Siri Guru Singh Sabha community Arjinder Pal Singh Bamrah during ​fund’s food festival held in Mombasa.

The Medical Fund is a Sikh charitable health fund founded on the principles of hard work, sincerity, honesty and sharing with others. It fund mobilises resources from its members who contribute to a common pool from which all benefit equitably.

The bank’s sponsorship was in appreciation of the fruitful relationship it has had with the Sikh community in Mombasa and across Kenya.

ABC Bank supports Mater Heart Run- 18th May 2017

18th May, 2017: ABC Bank has donated Sh100,000 to the Mater Misericordiae Hospital in support of this year’s Mater Heart Run to be held on Saturday 20th May at the Nyayo National Stadium.

Presenting the cheque, ABC Bank’s Head of Retail Banking Amanda Corline said the bank is committed to investing in health care support initiatives as a way of giving back to communities where it has operations.

Mater Heart Run 2017

ABC Bank’s Head of Retail Banking Amanda Corline (left) presents a dummy cheque to Mater Misericordiae Hospital’s Chief Executive Officer Dr. Kennedy Manyonyi (left) and – Copy

Started in 1996, the Mater Heart Run is an annual event that seeks to raise funds for the treatment of children with heart conditions, either through surgery or interventional cardiac catheterization.

Since inception, the Mater Cardiac Program has benefited over 3,000 children. The program has grown from handling 20 open heart operations to 200 cases a year. The majority are Kenyan children; however children from Uganda, Tanzania, Ethiopia, Malawi and Zambia have also been treated.

ABC Bank Diaspora Banking team tours US-11th May, 2017

May 11th, 2017: ABC Bank Diaspora team is in the US for a week-long customer engagement drive meant to strengthen relations with its Diaspora customers. During the trip, the team will tour Wichita- Kansas, Dalls-Texas, and other towns in Massachusetts- Springfiled, Chelmsford and Sutton.

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.

Head of Diaspora Banking Joseph Waithaka- who has lived and worked in Oklahoma for the past 16 years- will be accompanied by a team from Dal Afrika, a real estate delevopment firm affiliated with ABC Bank.

On their tour of Massachusetts, the team will be accompanied by New England Kenyan Diaspora Sacco.

ABC Bank prides itself in providing distinguished financial service to Kenyans in the Diaspora, focusing not on remittances only, but on investments as well. Some of the investment products the bank offers to Diaspora clients (groups and individuals) include construction and project financing, mortgages/home loans, land purchase financing and asset financing among many others. The bank also offers 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 joseph.waithaka@abcthebank.com or diaspora@abcthebank.com

ABC Bank sponsors Islamic oratory competition- 9th April 2017

ABC Bank was one of the sponsors of the annual Islamic Inter-school Oratory Competition that took place on Sunday 9th April at Light Academy in Karen.

The event was organized by Ar Risalah Academy and involved school children of different ages presenting poetry and oral citations on various teachings of Islam.

Ar Risalah

Children from Ar Risalah Academy making a recitation at the event.

ABC Bank continues to to support community initiatives to assist them advance their causes and nurture talent among the youth to become active participants and contributors to social and economic development in society.

ABC Bank supports destitute children's US tour - 31st March, 2017

ABC Bank staff on 30th March saw off a group of children from Upendo Kids International as they traveled to the US on a two-week fundraising tour will take them to Oklahoma State where they will meet various groups of Kenyans living there.

The tour will take the children to Oklahoma State for two weeks, during which they will meet various groups of Kenyans living there.

ABC Bank Head of Diaspora Banking (left) dances with some of the children from Upendo Children’s Home at the Jomo Kenyatta International Airport

 The bank is a close partner of the children’s center located in Juja, KIambu county. It was founded in 2007 by a Kenyan couple living in the US- Eunice and  Robert Menja- to provide child-centered programs that prepare children under their care for a lifetime of learning, while their families are empowered to become self independent.

ABC Bank seeks to support church project - 18th March, 2017

ABC Bank representatives witnessed the ground breaking of a new office block at the Consolata Shrine in Westlands on Saturday 18th March, 2017.

The bank was represented by Industrial Area Branch Manager Ernest Njiru and Relationship Manager in charge of religious institutions business, Adelaide Khamasi .

When complete, the new Allamano Centre will accommodate offices, a pastoral office and a parking lot.

Consolata Shrine

Bishop of Catholic Diocese of Maralal Mons. Virgilio Pante blesses the site for the new block.


ABC Bank’s Relationship Manager (Industrial Area) Adelaide Khamasi (left) chats with Bishop Virgilio Pante after the ground breaking ceremony.

The bank continues to support religious institutions in their financial needs and projects.

London Stock Exchange gives ABC Bank LEI certification- 8th March, 2017

Nairobi, March 8, 2017: ABC Bank has secured certification as a Legal Entity Identifier (LEI) Bank by the London Stock Exchange. This makes ABC Bank among the first Banks in East Africa to obtain such status.

The certification comes ahead of the global enforcement of the European Market Infrastructure Regulation starting 1st January 2018.

The LEI regulation was introduced in May 2014 at the behest of the G20 countries after the global financial crisis of 2007-2008. LEI is a unique code used across the ​globe to identify organizations that engage in financial markets, and is intended to bring comfort of corporate identity, particularly in financial transactions.

The publicly available data pool serves as a global directory, which greatly enhances transparency in the marketplace. Besides enabling companies and regulators to identify parties to financial transactions instantly and accurately, it also benefits companies by improving efficiency and internal risk management.

“This ​certification is critical to ABC Bank because we are very active in the international financial markets, hence the n​eed for us to be a recognized participant in the larger financial ecosystem even outside of East Africa. This will avail us new international business opportunities since prospective partners will easily and speedily identify us and transact. We believe this certification places us at great advantage​ vis-a-vis other banks for customers as we can reach a larger pool of counterparties and offer finer pricing for customers ” said ABC Bank General Manager for Treasury and Financial Institutions, Mr. Philip Wambua.

With the globalization of the financial markets, businesses across the world are grappling with the challenge of developing and implementing a common entity identification system that could serve as a game changer in identifying financial market participants. Once certified, a firm is included in a global data system that connects to key reference information that enables clear and unique identification of legal entities participating in financial transactions in any jurisdiction.

“We believe that ultimately there should be one identity behind every business. Having an LEI will help to achieve this objective. We are on a journey to increase the rate of LEI adoption so that in the future, the Global LEI Index will capture an increasing number of entities engaging in financial transactions globally, providing a 360-degree view”, states the Global Legal Entity Identifier Foundation (GLEIF) website.

ABC Bank helps Diaspora customers spread love -14th February, 2017

ABC Bank joined the world in celebrating Valentines Day by helping customers in the Diaspora to beat the geographical distance to touch their loved ones.

This is in line with the bank’s mission of empowering customers to achieve the extraordinary. It was also a demonstration of deep care for family values and relationships, which it shares with its customers.

Cynthia, a class six pupil in St. Bridgit Catholic Academy in Nairobi, was overwhelmed with emotion when the bank staff delivered gifts at her school on behalf of her mother Eunice who works in the Middle East.

Valentines Day

ABC Bank’s Assistant Manager for Customer Service Rosemary Kiboro (centre) presents Cynthia with her gift. On the left is Cynthia’s teacher Stella Kimei.

“You mean she can still send me gifts even when there!”, Cynthia exclaimed, evidently surprised Cynthia exclaimed.

Ann, a spouse to one of our Diaspora customers, works at a public institution in the city. Her husband enlisted the help of ABC Bank. Fully aware of the distance and logistical conundrum, she was not expecting any gift from her husband. This was until our customer service team showed up in her office with a load of red-coloured gifts.

Valentines Day- Ann Musembi

Rosemary Kiboro of Customer Service Rosemary Kiboro (left) presents a Valentine’s Day gift to Ann on behalf of her husband.

ABC Bank staff receive Forex training- 9th February, 2017

The Treasury Team led by General Manager- Treasury & Financial Institutions Philip Wambua, has conducted Forex training for Westlands and Koinange Branch teams to equip them to drive growth in the FX business as envisioned in the bank’s 2017 projections.

FX Training

Philip Wambua and Koinange Branch Manager Arthur Washe (3rd and 2nd right, standing respectively) with the Koinange branch team.


FX training- TRM

Treasury and T-Mall Branch Teams led by General Manager- Treasury & Financial Institutions Philip Wambua and Joseph Maigwa (Standing, centre) after the training session.

The foreign exchange, FX or forex market is the market in which currencies are traded. The forex market is the backbone of international trade and global investing. It is critical to support imports and exports, which are necessary to gain access to resources and to create additional demand for goods and services.

ABC Bank supports Don Bosco Catholic Parish-30th January, 2017

ABC Bank supported the Salessians of Don Bosco-Upper Hill during its recent ‘solemn transfer of the relic of St. John Bosco to the Shrine of Mary help of Christians’.

The bank’s donation of Sh100,000, given through the Industrial Area branch, was an affirmation of the value it attaches to relationships with clients, and is part of the continuous community relations initiatives.

ABC Bank sponsors bright and needy student - 16th January, 2017

ABC Bank has came to the aid of a bright student who was a top performer in the 2016 KCPE to enable her join high school.

Evelyn Mugure was admitted to Karima Girls High, a national school, but could not raise the fees to join the school to pursue her academic dream. ABC Bank stepped in and supported her financially to put her on the path to her dream.

Mugure_school_feescheque

Lucy Wariara (left) presents the cheque to Mugure as her mother looks on.

While presenting the cheque to Mugure, ABC Bank Head of HR Lucy Wariara encouraged her to be resilient and to conquer the challenges ahead in order to excel and live the life she aspires to.

The donation is in line with the Bank’s corporate social responsibility policy which focuses on among other areas, educational development of needy yet bright students to empower them achieve the extra-ordinary.

ABC Bank sponsors Hindu Kite Festival - 15th January, 2017

The Kite Festival (Uttarayan) is a Hindu celebration which marks the beginning of summer, according to the Indian calendar. It is a signal to farmers that the sun is back and that harvest season is approaching. This day is considered one of the most important harvest days in India, and communities organize kite competitions to celebrate.

ABC Bank sponsored this year’s Kite Festival held in Kisumu on Sunday 15th. The bank joined the local Hindu community in the celebrations and utilized the opportunity to appreciate them for their business support.

 Mr. Raj Arora, ABC Bank's chief credit officer, presents an award during the event as Mr. Douglas Okiring' ABC Bank Kisumu Branch manager looks on.

Mr. Raj Arora, ABC Bank’s chief credit officer, presents an award during the event as Mr. Douglas Okiring’ ABC Bank Kisumu Branch manager looks on.


Mr. Raj Arora, ABC Bank's chief credit officer, gives a speech during the Hindu Kite Festival in Kisumu on Sunday.

Mr. Raj Arora, ABC Bank’s chief credit officer, gives a speech during the Hindu Kite Festival in Kisumu on Sunday.

 

Spreading the love at Upendo Children's Home - 7th January, 2017

Upendo Children’s Home was founded 10 years ago by a Kenyan couple residing in USA with an aim to provide shelter for the street children, orphans and the homeless.

The Diaspora Banking team led other ABC Bank staff in a visit to Upendo Children’s Home on Saturday, 7th January 2017 and started their year with a bang and lots of goodies!

The smiles tell it all!

Joseph Waithaka, Head of Diaspora Banking (center) presents food stuffs to Eunice Menja (3rd left), the founder of the Upendo Children's home as ABC Bank staff look on.

Joseph Waithaka, Head of Diaspora Banking (center) presents food stuffs to Eunice Menja (3rd left), the founder of the Upendo Children’s home as ABC Bank staff look on.

 

Upendo Children Home kids entertain the ABC Bank staff and friends.

Upendo Children Home kids entertain the ABC Bank staff and friends.

ABC Bank bags a Law Society of Kenya Award

ABC Bank was awarded an appreciation award by Law Society of Kenya in recognition of the special contribution in support of the Law Society of Kenya (LSK) Annual conference which was held in August at Leisure Golf Club, in Diani Mombasa.

ABC Bank Funeral Insurance Policy

Did you know ABC Bank has a funeral policy  that can ease burial preparations when you lose a loved one?

The ABC Bank funeral policy tucked under the ABC D’ Bouquet was featured on the Insurance Afrika report on Funeral Insurance Policies in Kenya

ABC Bank hosts Diaspora Mbuzi Choma Party - 15th December, 2016

Christmas is not  complete without having Mbuzi Choma on our plates. ABC Bank Diaspora team hosted our diaspora customers, who are in town to celebrate the festive season with family and friends,  for a “Mbuzi Choma Party” on 15th December at Upper Town Grill restaurant.

Joseph Waithaka, Head of Diaspora, (3rd from right) interacting with our diaspora customers during the  Diaspora Mbuzi Choma party.

ABC Bank zooms in on Dubai customers- 7th December 2016

ABC Bank is planning a week long marketing blitz to the world’s luxury capital-Dubai, in an effort to strengthen ties with its Diaspora customer base as well as create new relationships. The trip, from 11th to 17th December, will see the bank’s Diaspora banking team hold meetings with different groups of Kenyans living and working there.

The meetings will be at Transguard accommodations, Palm Beach Hotel in Jumeirah, Atlantis Hotel, and Arkan Securities

The trip is part of ABC Bank’s strategy on Diaspora engagement and partnership-building to harness the emerging opportunities both in the Middle East and in Kenya that the Diaspora Community can take advantage of.

ABC Bank recognizes the crucial role Kenyans in Diaspora play in building the economy of the motherland Kenya, and is keen on partnering with them to conveniently midwife that process.  For instance, Kenyans working abroad increased the money they sent back to the country by 6.3 per cent in June to hit a record Sh15.6 billion, according to the latest data from the Central Bank of Kenya (CBK).

ABC Bank prides itself in providing distinguished financial service to Kenyans in the Diaspora, focusing not on remittances only, but on investments as well. Some of the investment products the bank offers to Diaspora clients (groups and individuals) include construction and project financing, mortgages/home loans, land purchase financing and asset financing among many others. The bank also offers 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.

ABC Bank feted in Champions of Governance Awards- 4th November, 2016

ABC Bank’s star once again shone at the Champions of Governance Awards held at the InterContinental Hotel Nairobi.

The bank was awarded the 2nd Runners Up award in the Financial and Investments sector category in the seventh edition of the awards organized by the Institute of Certified Public Secretaries of Kenya, ICPSK.

Champions_of_Governance_2016

ABC Bank’s Head of Finance Mr Samuel Muchiri (2nd left) , Company Secretary CS Victoria Muya and Head of Risk and Compliance Mr John Rioba receive the 2nd Runner Up Award for the Financial Institutions category from FCS Sam Ogutha (left) during the Champions of Governance Awards gala.

ABC Bank was recognized for implementing and complying with high standards of good corporate governance. The bank has also made investments in innovations and processes that  support good governance in its internal and external operations and relationship with customers, stakeholders and the regulator.

This award reaffirms ABC Bank’s commitment to the principles of transparency, integrity and accountability by safeguarding shareholder interests, employing efficient practices in providing quality service and products to customers,  and open corporate communication channels.

ABC Bank supports AIC Kijabe Hospital Cancer Run- 21st October, 2016

ABC Bank has supported the AIC Kijabe Hospital Cancer Run with a cash donation of Sh100,000.

ABC Bank Group CEO Sridhar Natarajan presented the cheque to the hospital’s CEO Mary Mshindi at the bank’s Head Office in Westlands.

The hospital is organizing the run to raise funds to support its oncology unit that focuses on diagnosis and treatment of cancer.

There has been a sharp increase in the number of new cancer cases in Kenya, calling for private and faith-based health care facilities to step in to supplement the government’s investment in providing care to patients.

“ABC Bank understands the struggle many cancer patients go through especially when they are unable to afford treatment. That is why we support this initiative” , noted Sridhar.

AIC Kijabe Hospital donation

ABC Bank Group CEO presents the donation to AIC KIjabe Hospital CEO Mary Mshindi.

Thanking the bank for its generosity, Mshindi said the hospital subsidizes the cost of treatment to help patients and their families overcome the financial and emotional burden associated with cancer.

ABC Bank participates in 2016 inter-bank games- 8th October, 2016

ABC Bank took part in the recently concluded 32nd edition of inter-bank games which brought together Kenyan bankers at the Kenya School of Monetary Studies in Ruaraka, Nairobi.

Organized by the Kenya Institute of Bankers (KIB) the week-long competitions kicked off on 1st October, 2016 and were officially opened by Central Bank Governor, Dr. Patrick Njoroge, who is also the Institute’s Patron.

The ABC Bank team took part in athletics- men’s 100 meters and 1,500 meters- and put up a gallant show.

Interbank games

Samuel Waithaka of ICT Department (left) crosses the line to finish the 1,500 meters.

Twenty nine financial institutions took part in this year’s games compared to 24 in 2015. Participants are competing in 21 disciplines including football, basketball, volleyball, tennis, golf, swimming, athletics, squash, tug-of-war among others.

The annual competition provides the banking fraternity an opportunity to not only showcase their sporting talent and prowess, but also interact with each other in an informal setting.

ABC Bank celebrates customers in Customer Service Week - 7th October, 2016

ABC Bank marked this year’s Customer Service Week by celebrating its relationship with customers in all its branches countrywide. Bank staff surprised customers by sharing  sumptuous cakes that left them smacking their lips with pleasure and satisfaction.

Customer Service Week is an international celebration of the importance of customer service and of the people who serve and support customers on a daily basis.

Customer service weekCustomer service week

The bank customer service team used the opportunity to remind customers of ABC Bank’s commitment to their satisfaction and success, in line with ‘our vision of empowering customers to achieve the extraordinary’.

One of our customers, Reuben Kigame, was all praises of our service, writing his Facebook page: I must…single out the ABC bank for exceptional customer service…no matter the branch you deal with. … ABC Bank, Kudos for your consistency in good customer service and excellent communication channels… Let’s give credit where it is due.

ABC Bank quenches thirsty Marianist OLN Primary School pupils- 5th October, 2016

ABC Bank has donated an 8,000 liter water tank to Marianist OLN Primary School in the Mukuru Kwa Njenga slums in Nairobi.

The school, under the Marianist Congregation of the Catholic Church  has over 2,500 pupils with a section for children with special needs.

The area experiences constant water shortage due to the high population, making safe drinking water a rare commodity. Besides drinking water, the school also feeds the large population of pupils at lunch time, and therefore uses large quantities of water per day. When the main pipe dries up, the school administration is forced to buy water from vendor, incurring huge additional costs. Additionally, the water from vendors is not safe for consumption unless purified but the school lacks the capacity to purify water for the large population.

However, with the tank donation from ABC Bank, the school can supplement its water reserves to sustain them through dry days.

Marianist tank donation

ABC Bank Group CEO Mr. Sridhar Natarajan (2nd left) and Libra House Branch Manager Mr. Paul Mburu (left), join pupils and teachers of Marianist OLN Primary School in commissioning the water tank. 


Marianist OLN tank donation

Pupils of Marianist OLN Primary School in Mukuru Kwa Njenga celebrate after receiving a 8,000 liter water tank from ABC Bank. The donation is part of the bank’s plans to give back and support local communities to uplift their quality of life.

 

Speaking during the presentation of the tank at the school, Group CEO Sridhar Natarajan noted that ABC Bank seeks to balance its business strategy with social support programmes that will lift the living standards of Kenyan communities, especially the less privileged.

ABC Bank is coming to Texas and Oklahoma- 20th September, 2016

ABC Bank is planning a week long marketing blitz to the US in an effort to strengthen ties with its Diaspora customer base as well as create new relationships. The 10-day trip will see the bank’s Diaspora banking team traverse through Texas and Oklahoma States and hold meetings with different groups of Kenyans living and working there.

The highlight of the tour will be the East African Chamber of Commerce Trade Conference to be held in Dallas, Texas from September 29 to October 1 at the Sheraton Galleria. The fair is aimed at promoting trade and investment between USA and East Africa as well as encourage entrepreneurship as a job and wealth creation avenue.

Diaspora_tour-ad

The trip is part of ABC Bank’s strategy on Diaspora engagement and partnership-building to harness the emerging opportunities both in the US and in Kenya that the Diaspora Community can take advantage of. The fair will provide an opportunity to the team to meet with over 3,000 Kenyans drawn from across USA and Canada.

Led by the Head of Diaspora Banking Joseph Waithaka- who has lived and worked in Oklahoma for the past 16 years- the team will also attend a church service in Texas on October 2, where they will meet about 400 Kenyans. They will also hold a Town Hall meeting with the Kenyan community in Texas the following day, where they will interact with about 200 Kenyans.

ABC Bank recognizes the crucial role Kenyans in Diaspora play in building the economy of the motherland Kenya, and is keen on partnering with them to conveniently midwife that process.  For instance, Kenyans working abroad increased the money they sent back to the country by 6.3 per cent in June to hit a record Sh15.6 billion, according to the latest data from the Central Bank of Kenya (CBK). The data further shows that remittance inflows from North America increased by Sh831 million or 11.9 per cent and accounted for 49.3 per cent (Sh7.79 billion) of total inflows in June while inflows from the rest of the world increased by 13 per cent.

Higher Diaspora remittances help narrow the country’s balance of payments deficit thereby supporting the local currency. Diaspora remittances are the single largest contributor to foreign exchange ahead of major exports such as tea. This all-important cash flow from abroad is crucial in cushioning the shilling from dollar pressures.

Besides Texas, the team will also tour Edmond and Oklahoma City in Oklahoma State where they will have a series of meetings which will culminate in a nyama choma (roast meat) hangout with the Kenyan community there.

ABC Bank prides itself in providing distinguished financial service to Kenyans in the Diaspora, focusing not on remittances only, but on investments as well. Some of the investment products the bank offers to Diaspora clients (groups and individuals) include construction and project financing, mortgages/home loans, land purchase financing and asset financing among many others. The bank also offers 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.

The Tour Itinerary

Date Destination Activity
29 September- 1 October Dallas, Texas East Africa Chamber of Commerce Annual Trade Conference  @ Sheraton Galleria
2 October Dallas, Texas Meetings with local Kenyan churches
3 October Dallas, Texas Town Hall meeting with US-Kenyan Diaspora Organization
5 October Edmond, Oklahoma Meetings with various investment clubs (Chamas) and individuals
6 October Oklahoma City Town Hall meeting on investing in Kenya’s financial market
7 October Oklahoma City Meeting with various investment clubs (chamas) and individuals
8 October Oklahoma City Home visitsGoat eating with Oklahoma Kenyan Community
9 October Oklahoma City Sunday Service at Authority Church

For more details, contact joseph.waithaka@abcthebank.com or diaspora@abcthebank.com

ABC Bank sponsors entrepreneurs forum- 2nd September, 2016

ABC Bank partnered with Kenyan Entrepreneur to host a capacity-building forum for budding entrepreneurs and startups.

Held at the Thika Road Mall (TRM) along the Thika Superhihgway, the forum brought together over 100 entrepreneurs from various sectors including ICT, retail, sports, consultancy and construction.

Speaking during the forum, ABC Bank’s Head of SME Banking Lee Gachomba urged entrepreneurs to define and understand their value proposition to customers and identify gaps or problems in the market that they can provide solutions for, profitably.

He further challenged them to demonstrate integrity in their business dealings and to have a succession plan to shield their businesses against life’s uncertainties.

George Wachiuri, the CEO of Optiven Ltd- a real estate firm based in Nairobi- and a philanthropist, asked budding entrepreneurs to believe in prayer, embrace servant-leadership in their businesses to endear themselves to customers and attract repeat business.

ABC Bank’s partnership was a demonstration of its commitment to continue supporting SMEs to grow their businesses.

ABC Bank, Retrak partner in inaugural Retail Academy- 22nd July, 2016

ABC Bank partnered with Retail Trade Association of Kenya (Retrak) in organizing the first Retail Academy in Nairobi on Thursday 21 July. The forum was aimed at building the capacity of local retailers to improve the business practice in Kenya.

The inaugural event, which is set to be an annual event, drew experts from the UK, India, and the Arab Emirates who shared business experiences and knowledge from international markets.

Speaking to the academy, ABC Bank’s Head of SME Banking Lee Gachomba noted that the financial services sector and the retail sector in Kenya share a lot of synergies and opportunities for growth.

ABC Bank Head of SME Banking Lee Gachomba with REtrak CEO Wambui Mbarire during the forum.

ABC Bank Head of SME Banking Lee Gachomba with Retrak CEO Wambui Mbarire during the forum.

“We are ready to partner with you in either your supply chain or cash flow needs to power your business to realize the immense possibilities that the current business environment in Kenya provides”, pledged Mr. Gachomba.

ABC Bank has over the years supported Retrak’s events as part of its agenda to empower the SME sector growth through tailor-made financial products and services such as invoice discounting, term loans, over drafts and asset financing.

The academy was taking place the same time the week-long 14th United Nations Conference on Trade and Development (UNACTAD) is underway in Nairobi.

“This Retail Academy provides an opportunity for retail sector players to look for ways to innovate and improve business practices, create more employment opportunities and generate more revenue for the economy”, noted Retrak CEO Wambui Mbarire.

Retrak is the voice and umbrella body that champions the interests of the retail industry in Kenya.

ABC Bank partners with Lamu Teachers Sacco to offer current account and cheque clearing solution- 16th July, 2016

Members of Lamu Teachers Sacco can now access trade finance facilities and make payments using cheques following a partnership between ABC Bank and the Sacco. The deal will see ABC Bank provide cheque clearing services and other commercial bank products to the Sacco.

Due to regulatory policy, Saccos do not offer certain products such as current accounts, trade finance, cheque books, Real Time Gross Settlement (RTGS) and Electronic Funds Transfers (EFTs). This forces Sacco members, especially those operating businesses, to turn to commercial banks for these services. Consequently, Saccos register reduced share of wallet following stiff competition from commercial banks and deposit-taking microfinance institutions.

Lamu Teachers Sacco partnership launch

ABC Bank Lamu Branch Manager Ronsky Sifa (left) and Lamu Teachers Sacco CEO Michael Kirui display a dummy cheque during the launch in Lamu.

This partnership will enable Lamu Teachers Sacco – which has five branches across Lamu County – to overcome that regulatory obstacle to begin offering such commercial bank products to its members through ABC Bank. This will provide the Sacco members access to the national payments system, increase ease of transactions and improve efficiency of doing business.

“In particular, the current account and cheque clearing solution that we are launching today will open more possibilities to Lamu Teachers Sacco members. With the current account, members can now manage and plan their finances better by separating personal and business accounts. This will help them enjoy greater ease in banking transactions”, said ABC Bank’s Relationship Manager for Saccos, Mr. Wilson Asena during the launch.

The current account product will enable Sacco members prove their credit worthiness to access credit facilities, while the cheque clearing solution will allow them make payments using cheques which will be cleared by ABC Bank, thus connecting them to the national payments system. In addition, the cheque clearing solution will allow Sacco members accept cheque payments in to their accounts.

Both the current account and the cheque clearing solution are a game changer for the Sacco because the law does not allow Saccos to operate current accounts or issue cheque books. However, ABC Bank will now act as a bridge for the Sacco members to enjoy the benefits of a bank through their Sacco.

Mr. Asena added: “This solution is part of ABC Bank’s plans to empower the cooperative sector in Kenya to become more competitive and unlock the entrepreneurial potential of more Kenyans through enhanced access to financial services”.

“We are now able to satisfy the demands of our members who have historically maintained multiple accounts to enable them access all the services they need under one roof. We will also aggressively pursue new markets and opportunities which have been created for youth and women in our county’’ said Lamu Teachers Sacco CEO Mr. Michael Kirui, adding that the partnership will enable the Sacco to catalyse enterprise growth by providing tailored products that satisfy customer expectations.

ABC Bank has entered into similar partnerships with other Saccos such as Fortune, Bingwa, Capital, Imarika and Unaitas, as well as Postbank, to enable them offer a wider range of services beyond what they are mandated to offer on their own.

ABC Bank hosts Muslim customers for Iftar- 24th June 2016

ABC Bank on Thursday 23rd June hosted its Mombasa Muslim customers for Iftar at the English Point Marina.

The bank invited the customers, who are observing the holy month of Ramadhan for the evening meal when Muslims end their daily fast at sunset as a way of appreciating their support in business.

Speaking during the Iftar, Group General Manager Peter Kinyanjui said the bank enjoys a cordial relationship with its Muslim customers across the country. The bank presented the customers with praying rugs and umbrellas.

This was one of many in a series of such dinners that the bank is hosting this Ramadhan season, and is an opportunity to raise awareness on its new product, Tahfif Account, which specifically targets Muslim customers. 

Mr. Kinyanjui was accompanied by Mombasa Ragional Sales Manager Eric Mungai, Head of Corporate Banking Josiah Muia and ICT counterpart Fayyaz Ayub.

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ABC Bank Group General Manager Peter Kinyanjui (center) presents Adulkadir Ali (right) with a prayer rug and an umbrella during the event at the English Point Marina in Mombasa. Looking on is ABC Bank Mombasa Area Sales Manager Eric Mungai.


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Some of the customers serve delicacies during the Iftar at the English Point Marina

ABC Bank and East Africa Exchange in Sh200 million deal in grain trade financing for farmers- 4th May, 2016

ABC Bank and the East Africa Exchange will soon launch a Sh200 million credit line in a collaborative initiative to offer small scale grain farmers affordable grain trade finance.

During a stakeholders’ forum held in Eldoret and graced by EAX Board chair, Former Amb. Dr. Jendayi Frazer in Eldoret, Uasin Gishu County Governor, Hon. Jackson Mandago said the initiative will have a positive impact, especially the warehouse services which contribute to solving the challenges of grain storage and marketing, further expressing the North Rift region’s support through NOREB (North Rift Economic Bloc) and the uasin Gishu county Ministries of trade and agriculture.

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ABC Bank’s Head of SME Banking Lee Gachomba (centre) addresses the forum, flagged by EAX Board Chairperson Dr. Jendayi Frazer (right) and EAX Country Director Constantine Kandie

The three-way deal heralds the commodity exchange’s plans to expand its operations into Kenya as part of its vision to increase regional market efficiency and give East Africa’s smallholder farmers better access to post-harvest management services and link them to reliable agricultural and financial markets and facilitate competitive pricing for their crops and access to finance.

When launched, the revolving credit facility will empower farmers to hold their produce and negotiate for better prices. Traditionally, farmers usually rush to sell off their produce immediately after harvest, either to avoid storage losses or because they need money for household expenditure or for farm inputs. This creates disequilibrium of market forces of demand and supply, hence low buying prices.

The partnership has also laid down modalities whereby reliable data on grain aggregation will facilitate efficient grain trading as traders, millers, farmers and other stakeholders will be able to know the type and quantity of products available in a particular location. These modalities are majorly supported by EAFF’s virtual granary platform (e-granary). EAAF represents approximately 20 million farmers across East Africa.

ABC Bank’s Head of SME Banking Lee Gachomba asserts that the time is ripe to introduce electronic warehouse receipting in Kenya as it ensures farmers get returns commensurate to their aggregate farm inputs and that they are insulated against losses incurred due to lack of proper storage facilities at the farm level.

A commodity exchange is a highly efficient stage for buyers and sellers to meet, primarily to address price risks better, and also to improve the marketing of their physical products. It makes economies more inclusive, bolstering links between agriculture and finance, and making the commodity sector more efficient and competitive. In addition, it facilitates a quick and easy dissemination of market price and other data, and creates a free and open auction system as well as providing a buffer against volatile prices.

The forum attracted various stakeholders including grain millers, traders, farmers and Government officials.

ABC Bank lifts innovation title- 29th April, 2016

ABC Bank has been awarded the Special Award for Product Innovation in the 2016 Think Business Awards. The bank was recognized for its game-changing Revenue Collection and Management Solution it developed for Kirinyaga County. The bank becomes the first entrant to claim the win in the category which was introduced this year.

Following the establishment of devolved governments in Kenya, county governments were expected to collect their own revenue to plug in the gap between allocation of revenue from the central government and their own budget.

This made it necessary for county governments to streamline their revenue collection systems and channels to make them more efficient and effective, to forestall challenges associated with the predecessor, Local Authorities. To achieve this, they have to replace the traditional systems with new technology-based systems.

The bank successfully tendered for the Kirinyaga County government revenue collection and management system bid in 2014, and teamed up with technology company Techno Brain to develop and implement the award-winning solution. The solution also saw the county government awarded the 1st Runners Up, Best County Initiative Award during the Connected Summit.

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ABC Bank’s Head of Operations Elizabeth Kimani, Head of Alternative Channels Rosemary Muturi and ICT Senior Manager Alex Musumbi, receive the Special Award for Product Innovation from Think Business CEO Ochieng Oloo during the recent Banking Awards in Nairobi. The bank was recognized for its revenue collection and management system it developed for Kirinyaga County.

ABC Bank partners with Capital Sacco to offer cheque solution- 1st April, 2016

Members of Capital Sacco can now make payments using cheques following a partnership between  ABC Bank and the Sacco. The deal will see ABC Bank provide cheque clearing services to Capital Sacco, which has 15 branches.

Through the partnership, the Sacco will issue personal cheque books to its close to 150,000 customers. ABC Bank will be the clearing house through which the cheques will be processed. This will increase ease of payments and improve efficiency of doing business for the Sacco members.

Saccos do not offer certain products such as cheque books, Real Time Gross Settlement (RTGS) and Electronic Funds Transfers (EFTs). This forces Sacco members, especially those operating businesses, to turn to commercial banks for these services. Consequently, Saccos register significant customer attrition and stiff competition from commercial banks and deposit-taking microfinance institutions.

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ABC Bank Group General Manager Peter Kinyanjui (centre), Meru County Governor Kiraitu Murungi (left) and Capital Sacco Chief Executive Eliezer Kaburu unveil the co-branded cheque during the launch.

By introducing cheque books, Capital Sacco will provide its customers with an additional secure payment solution which also gives them more control of their funds. The Sacco has 14 branches in Mount Kenya region and one in Nairobi, and offers a wide range of financial services such as individual and group savings, agricultural loans, mobile banking among others,  to the mainly agricultural Meru and adjacent counties.

“This solution is part of ABC Bank’s plans to provide more relevant financial services to the small and medium enterprises, who are key drivers of the economy,” said ABC Bank Group Business Development General Manager, Peter Kinyanjui, during the launch ceremony.

ABC Bank has entered into similar partnerships with other Saccos such as Fortune, Bingwa, Imarika and Unaitas, as well as Postbank, to enable them offer a wider range of services beyond what they are mandated to offer on their own.

Speaking during the launch, Senator Kiraitu Murungi, who was the chief guest, said: “This partnership will facilitate the unlocking of the entrepreneurial potential of Meru residents by enhancing ease of payments”.

Mr. Kinyanjui added: ‘‘ABC Bank is keen on empowering Saccos and other microfinance institutions in their quest to offer a wider range of services to their customers in order to become more competitive in meeting the needs of their market.”

The partnership is part of ABC Bank‘s efforts to boost the cooperative sector’s competitive advantage to best achieve their business goals, and to offer a seamless, convenient and comprehensive financial services experience to their members.

“We are now able to satisfy the demands of our members who have historically maintained multiple accounts to enable them access all the services they need under one roof. We will also aggressively pursue new markets and opportunities which have been created for youth and women in our county’’ said Capital Sacco CEO Mr. Eliezer Kaburu, adding that the partnership will enable the Sacco to catalyse enterprise growth by providing tailored products that satisfy customer expectations.

ABC Bank expands footprint with new branches- 29th March, 2016

ABC Bank has opened two branches in Nairobi, in an effort to expand its presence and deepen service access to its growing customer base.

The two branches- Thika Road Mall (TRM) on Thika Road and Green House Mall along Ngong Road- are an addition to the four branches in Nairobi, and six upcountry – Mombasa, Lamu, Meru, Kisumu, Eldoret and Nakuru.

Contacts:

  • TRM: Branch Manager- Joseph Maigwa.

Cellphone 0733 464 698 or 0701 658 504

working hours: Weekdays 9:00am to 7:00pm Saturdays: 9:00am to 4:00pm

  • Greenhouse Mall: Branch Manager – Ben Kamau, Cellphone 0736 286 175.

Working Hours: weekdays: 9:00am to 6:00pm Saturdays: 9:30am to 2:00pm

ABC Bank sponsors Catholic Education Commission conference- 8th March, 2016

ABC Bank has sponsored this Catholic Private Schools Education Conference held at the Catholic University from 8th to 11th March. The bank sponsored the event to the tune of Ksh. 250,000 in support of the church’s efforts in improving educational standards in the country.

The conference has brought together about 600 delegates representing Catholic educational institutions across the country. ABC Bank utilized the opportunity to reach out to the church-run schools to provide them with various financial services and instruments such as asset financing, mortgage financing among others.

While presenting the sponsorship cheque, Head of Retail banking Amanda Corline lauded the church for its role in the educational sector in the country for over a century.

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ABC Bank’s Head of Retail Banking Amanda Corline presents the cheque to KCCB Chairman Bishop Philip Anyolo (centre) and KCCB- Commission for Education Chair Bishop Maurice Makumba.

“ABC Bank recognizes the need for the private sector to participate in enhancing access to quality education for the Kenyan child, and we support the efforts by the Catholic Church in this direction”, noted Amanda.

ABC Bank continues to invest in key areas of need among Kenyan communities- health, education, humanitarian and development.

ABC Bank boosts Bible Society of Kenya's children program - 4th March, 2016

The Bible Society of Kenya has benefited from a donation by ABC Bank in support of its Children’s Program.

The bank donated Ksh. 100,000 to the society to go towards enhancing its Children’s Outreach Program activities. The program focuses on character formation and equipping pre-teens and teenagers with necessary life skills.

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ABC Bank Head of Retail Banking Amanda Corline presents a cheque donation to the Bible Society of Kenya Board Member Isaac Litali (centre) and Secretary General Elizabeth Muriuki.

The donation is part of ABC Bank’s corporate social responsibility initiatives, which includes supporting social causes in communities where it operates in.

Speaking during the cheque presentation ceremony at the Bible Society of Kenya offices in Nairobi, Head of Retail Banking Amanda Corline said the bank is committed to supporting social causes that have a significant and direct impact on communities.

ABC Bank partners with Bingwa Sacco to expand footprint- 19th February, 2016

ABC Bank has signed an agency banking partnership with Kirinyaga-based Bingwa Sacco as part of its strategy to reach more customers and enhance its service offering.

Through the agreement, ABC Bank customers can now access financial services at any of the 18 Bingwa Sacco branches.

The agency banking model is increasingly answering the call for deepened financial access in Kenya as commercial banks continue to sign up agents to reach more customers through cost-effective non-traditional banking channels.

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ABC Bank Group General Manager Peter Kinyanjui (right) with Bingwa Sacco Chairman Cyrus Kabira (left) and CEO Jane Mugo during the launch.

“Through this banking arrangement, we are able to reach more customers who can now access our services from more locations where we are not physically present’’, said ABC Bank’s Group General Manager, Peter Kinyanjui.

Mr. Kinyanjui added: ‘‘we do not view Saccos as competition, but as partners with whom we work together to ensure they meet the increasingly changing demands of their customers and optimize their input in the economy. This is also an opportunity for ABC Bank to bring our services closer to more Kenyans to connect them with the country’s financial system for greater convenience.’’

ABC Bank has over the last four years aggressively pursued strategic partnerships with Saccos to enable them offer a wider range of services to their members. This is in line with the ABC Bank‘s efforts to boost the cooperative sector’s competitive advantage to best achieve their business goals, and to offer a seamless, convenient and comprehensive financial services experience to their members.

Bingwa Sacc0 Chairman Cyrus Kabira lauded the agreement between the two institutions, saying it will give the Sacco an opportunity to extend its efficient services to Kirinyaga County people.

“Bingwa Sacco will be collecting the county revenues in all its 18 branches and 10 mobile units which are well spread within the county.  This will go a long way in the growth of Kirinyaga County,” noted Bingwa Sacco Chief Executive Officer Jane Mugo.

ABC Bank supports improvement of Catholic Church health facilities- 14th February, 2016

ABC Bank has donated Sh.250,000 in support of health facilities under the Catholic Church. Presenting the donation to the Kenya Conference of Catholic Bishops, Head of Retail Banking Amanda Corline said the bank is committed to plugging the gap in health care by supplementing the public sector efforts by partnering with the private sector.

The funds will go towards the improvement of health facilities under the Catholic Church.

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ABC Bank Head of Retail Banking Amanda Corline presents the Sh. 250,000 cheque to KCCB’s Bishops Paul Kariuki (centre) and Anthony Ireri at Waumini House, Westlands in Nairobi.

ABC Bank hosts Chinese New Year celebrations- 6th February, 2016

ABC Bank hosted the Chinese community living in Kenya as they ushered in their new year at the Villa Rosa Kempinski. The event was organized by Guangdong Association, an umbrella body of Chinese business people in Kenya.

The Chinese New Year begins on 8th February, and is the Year of the Monkey, the ninth animal in the cycle. The next Year of the Monkey will be in 2028. Each Chinese New Year is characterised by one of 12 animals which appear in the Chinese zodiac. The Chinese zodiac is divided into 12 blocks (or houses) just like its western counterpart, but with the major difference being that each house has a time-length of one year instead of one month.

ABC Bank utilized the opportunity to engage the growing Chinese community in Kenya, with a view to cultivating mutually beneficial partnerships.

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ABC Bank Group CEO Sridhar Natarajan (right) and Guangdong Association Vice-Chairman Hongjin Wu toast to the New Year.

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CBK issues additional guidelines on large cash transactions- 18th January, 2016

Bank customers are now required to declare names of beneficiaries of cash withdrawals above Sh1 million and justify why such large transactions cannot be done using electronic transfer channels. This is according to additional prudential guidelines issued to all banks by the Central Bank of Kenya (CBK) in a circular dated 5th January 2016.

The new guidelines, which took effect immediately, require that all bank customers making cash (over the counter) transactions of USD 10,000 and above or its equivalent in any currency to fill a Large Cash Transaction Declaration form declaring:

  • The source of the money being deposited or withdrawn over the counter
  • Why the large cash deposit or withdrawal is necessary
  • Why the cash deposit or withdrawal cannot be made through electronic means
  • Where the money will be taken right from the bank premises
  • What the money is going to be used for
  • The full identity of the direct or indirect beneficiaries of the money

The introduction of this new regulation aims to reduce the risks associated with cash transactions and encourage the use of electronic payments which are a more secure alternative channel to process payments.

They are also meant to fight flow of graft funds—usually transmitted in cash to avoid tracing and evade tax – through the banking and micro-banking system.

For more information or queries, please email us on talk2us@abcthebank.com or call 0701 700 700.

ABC Bank gets Ksh. 554.8 M credit line from European Investment Bank- 11th December, 2015

ABC Bank and the European Investment bank have signed a Ksh. 554.8 million (Eur 5M) for onward lending to Kenyan small and medium enterprises (SMEs). The credit line from EIB is a top up of a previous Ksh. 770 million that ABC Bank received in 2012, which made ABC Bank the first local bank to enter in to a credit line agreement with the world’s largest international public bank to ease credit access for small and medium enterprises.

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ABC Bank Group MD SHamaz Savani (right) with EIB Vice President for East Africa Pim Van Ballekom during the signing ceremony in Nairobi.

The agreement is part of EIB’s plans to provide Ksh 12 billion (EUR 110 million) for investment by SMEs across East Africa, making it the largest ever financial support for entrepreneurs in East Africa by the EU owned bank in the region.

ABC Bank will utilize the new facility to support growth in the SME and Agribusiness segments, which are instrumental in job creation and economic growth in Kenya by providing long-term and affordable credit.

The new programme will support job creation and economic growth in Kenya, Tanzania, Uganda and Burundi by providing long-term local and foreign currency loans and support investment across a range of sectors, including agriculture.

“We have effectively utilized the earlier facility in lending to our SME clients at competitive rates and for longer tenures. As a result, we have witnessed exponential growth in our customers’ businesses, which is in line with our mission of empowering customers to achieve the extra-ordinary’’, said ABC Bank Group Managing Director Shamaz Savani, adding that the new deal is a demonstration of the confidence that EIB has in ABC Bank, and that it will bolster the Kenyan lender’s capacity to continue lending to the SME segment to empower them to harness their market potential and contribute to the national economy.

ABC Bank has invested in the development of tailor-made products and increased its lending portfolio for the growing SME sector, which is crucial in enhancing entrepreneurship, economic growth, market competition, economy-wide efficiency, innovation and aggregate productivity as well as providing the economy with a continuous supply of ideas, skills, and innovations.

“Investment by small companies and entrepreneurs is essential for economic growth and to create jobs. The European Investment Bank is pleased to strengthen our support to ensure that East African companies can unlock new business opportunities and build on previous successful engagement with leading local banks. Since the EIB’s regional office for East and Central Africa opened 10 years ago professionalism and enthusiasm of the Nairobi based team has strengthened our support for entrepreneurs and small business across the region.” said Pim van Ballekom, European Investment Bank Vice President.

Mr. Savani added: We are delighted by the new credit line, which comes at an opportune time when there is increased need for financing, especially within the SME and Agribusiness segments, which have in recent times become a key drivers of Kenya’s economy. We are confident that access to affordable financing through ABC Bank, thanks to this facility from EIB, will further unlock the entrepreneurial potential in the country and thus generate more job opportunities and aid in wealth creation.

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ABC Bank launches money remittance service to India - 20th November, 2015

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ABC Bank has launched a money remittance solution to facilitate fast, secure and cost-efficient money transfers from Kenya to India. This is part of the bank’s strategy to grow its reach in to new frontiers.

The new solution, dubbed iRem, enables ABC Bank customers and non-customers alike to make person-to-person, business-to-business and business-to-customer funds transfer in the Indian currency, Rupee, at competitive forex rates. Funds are remitted efficiently and promptly since the service is connected to SWIFT (Society for Worldwide Interbank Financial Telecommunication) which provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment.

ABC Bank is seeking to tap in to the increasing trade between the two countries, which saw India’s exports in to Kenya grow to USD 4,118 billion (Ksh. 42.7 trillion) in the financial year 2014/15, according to India’s High Commission in Kenya website. There are also many investment partnerships between Kenya and India.

Besides the large population of Asian Kenyans, there is an increasingly large number of Indians living and working in Kenya. Additionally, over 18,000 Kenyans are issued with visas to study and work in India.

“Essentially, the remittances between the two countries are increasing in direct proportion to the growing socio-economic activity between them, hence the need for reliable and cost effective funds transfer solutions”, said ABC Banks’ Group General Manager, Peter Kinyanjui.

The new product- iRem- is an addition to the bouquet of local and international money transfer services that ABC Bank has rolled out in the last couple of years to facilitate a seamless financial interconnectivity of people in different parts of the world.

Kinyanjui added: This product is more than a remittance solution; it will further catalyze the entrepreneurial acumen and prop up the social support system of the Indian communities in both countries.

ABC Bank maintains stable credit rating- 29th October, 2015

The Global Credit Rating Company (GCR) has upheld last year’s ABC Bank upgraded rating of national scale short term A2 (KE) and long term BBB (KE) with the outlook accorded as Stable.

An A2 rating, according to Fitch Ratings, is a very high credit quality rating and denotes expectations of very low default risk. It indicates a very strong capacity for payment of financial commitments not significantly vulnerable to foreseeable events. On the other hand, a ‘BBB’ rating is good credit quality and indicates default risk is currently low, with adequate capacity for payment of financial commitments.

The favourable rating comes on the back of the bank’s improved capitalization, enhanced risk management process, sufficient liquidity buffers and moderate earnings profile. Other factors leading to the rating include the bank’s focus on its leading position in providing affordable trade and asset financing products to the vibrant SME and corporate segments, as well as its expansion of client portfolio to include all market segments. The bank has in the last couple of years made a concerted effort to tap in to the local and international remittances segment even as inflows from the Diaspora community continue to increase.

“We are energized by the positive rating. It positions us as having safe and sound financial health backed by our capital raising efforts through the private bond issue last year’’, noted ABC Bank Group Managing Director Shamaz Savani.

The bank issued a Ksh.1 billion private bond in May 2014 to raise additional capital following revised Central Bank of Kenya prudential guidelines in 2013 requiring banks to maintain a higher capital conservation buffer. The issue was oversubscribed by 57 percent following huge investor enthusiasm. As a result of the cash call, ABC Bank grew its total regulatory capital by 57.2 per cent from 2013 to Ksh. 2.9 billion in 2014, driven by an increase in retained earnings.

In spite of a higher absorption of funds to support lending to SME and corporate clients, the bank’s liquidity ratio has remained solid and in line with the regulatory requirements. The bank also took a strategic decision to maintain the liquidity ratio at a low of 25 percent and a high of 32 percent to optimize fund utilization and grow the loan portfolio.

Savani added: “The positive rating status is a reflection of the deliberate steps we have taken in effecting positive operational changes in the business, including the enhanced funding profile and positive internal growth. We have appropriately deployed funding, improved profitability while maintaining credit protection factors and diversified our income streams.”

In an effort to bolster its delivery channels, ABC Bank has invested in innovation to increase its customer touch points. It has partnered with 15 Saccos across the country to provide current accounts and trade finance facilities to their members. It also entered in to an agency banking agreement with Postbank last year to support its retail outreach strategy.

ABC Bank’s strength is also anchored on its market diversification through its subsidiaries- Nairobi-based stock brokerage ABC Capital, ABC Insurance Brokers and ABC Capital Bank-Uganda.

“Plans to roll out new branches in prime locations in Nairobi are at an advanced stage. These will, besides expanding our presence, take our services closer to our increasingly growing clientele base as Nairobi continues to grow as a regional business hub,” Savani hinted.

Central Bank of Kenya Press Release on Imperial Bank Limited (In Receivership) - October 27, 2015

On October 26, 2015, the Central Bank of Kenya (CBK) received a report on the state of financial affairs of Imperial Bank Ltd. (In Receivership) from the Kenya Deposit Insurance Corporation (KDIC). This follows KDIC’s appointment by CBK as receiver for Imperial Bank Limited (IBL) on October 13, 2015, according to the provisions of the Banking Act and of the Kenya Deposit Insurance Act. The appointment of KDIC as a receiver for IBL was done in the interest of IBL’s depositors, creditors, and members of the public.

CBK has reviewed the report, which confirms fraudulent activities of substantial magnitude, and the misrepresentation of IBL’s financial statements. These activities relate largely to irregular granting of loans by IBL’s management, contrary to the legal and regulatory requirements, and the internal policies of IBL. In particular, these irregular loans were a violation of the statutory limit of lending to a single borrower, and inadequate loan loss provisions, thereby overstating IBL’s capital adequacy position.

The fraudulent activities have resulted in a significant shortfall in IBL’s capital position. Nevertheless, CBK and KDIC consider IBL to be viable and have examined options that will lead to the prompt reopening of the bank. These options require the shareholders to inject new capital to meet the identified capital shortfall. The ultimate objective is to ensure that the reopened bank will remain viable.

CBK and KDIC met today with the bank’s shareholders and presented a proposal that will enable reopening of the bank and a resumption of operations. The proposal will require the injection of new capital, conversion of some of the large deposits to equity, recovery and collateralization of the fraudulent loans, as well as a change of Board of directors and senior management. The proposal envisages full access to small deposits, and a structured schedule of repayment to large depositors. CBK expressed its expectation that an agreement with shareholders should be reached enabling the bank to reopen in a month’s time.Shareholders appreciated the proposal and expressed their strong commitment to reopen the bank quickly. Shareholders requested to consider the proposal over the next few days and to come back with an implementation plan for the way forward. In parallel, CBK and KDIC will on Wednesday, October 28, 2015, meet some representatives from a cross-section of IBL’s depositors to brief them on these developments.

In the meantime, steps are being taken to facilitate the recovery of the funds that were obtained irregularly from IBL. A forensic audit and other investigations are also ongoing on the culpability of these fraudulent activities.

CBK and KDIC will continue to work closely with IBL’s shareholders and all concerned parties to facilitate an expeditious resolution. CBK and KDIC will communicate further as the way forward is clarified.

CENTRAL BANK OF KENYA

October 27, 2015

Kenya Bankers Association Statement on Imperial Bank being Placed under Management- 14th October 2015

The Central Bank of Kenya (CBK) on 13th October 2015 appointed Kenya Depositor Insurance Corporation (KDIC) to assume management and control of Imperial Bank Ltd. for a period of 12 months.

In a joint statement issued by the regulators, the market has been advised that CBK and Capital Markets Authority are working closely with the Board of Imperial Bank and KDIC (Formerly Deposit Protection Fund Board).

The press statement by the regulators advises that the developments at Imperial Bank were in fact brought to the attention of CBK by the Board of Directors of Imperial Bank. It is therefore our view that this issue is isolated to the bank, and is neither systemic nor an indication of instability in the banking sector overall.

Furthermore, Central Bank in a separate statement issued on 13th October 2015 has assured members of the public that Kenya’s banking sector remains safe and robust.

Central Bank also has confirmed the speculated list of banks facing closure, which is circulating on social media, is a rumour that is best avoided.

For questions and queries regarding Imperial Bank, please contact KDIC during office hours, Monday to Friday – 8.30 am to 4.30 pm, on telephone number 0770887992/2863813 or by e-mail address: customerservice@depositinsurance.go.ke.

For specific questions about ABC Bank, please write to talk2us@abcthebank.com or call/WhatsApp 0701 700 700.

ABC Bank appreciates clients in customer service week- 9th October 2015

ABC Bank observed this year’s Customer Service Week from 5th to 9th November to appreciate its customers and to demonstrate its customer service values. The Bank themed the week ‘Customer Selfie Week’. It involved customers visiting the bank’s branches and interacting with bank staff. They then took selfies which they posted on social media tagging the bank.

ABC Bank utilized this opportunity to popularize its social media platforms, namely, Twitter, Facebook, Instagram and LinkedIn, as well as WhatsApp (0701 700 700) as some of the many ways customers can contact the bank.

Customer Service Week is a time when organizations and institutions around the world recognize the importance of Service Excellence in their organizations by carrying out special activities to raise awareness of Service Excellence.

Here in Kenya, the events of the week are championed by the Institute of Customer Service to encourage companies to participate.

The best selfies were handsomely rewarded with various merchandise and shopping vouchers.

Here are some of the photos that customers and staff took and share on social media.

ABC Bank reaches out to UK Diaspora with GBP Debit card- 14th August 2015

ABC Bank has become the first Kenyan bank to introduce a British Pound (GBP) Debit MasterCard.

The new card is suitable for Diaspora customers in the UK. Kenyan business and leisure travelers to the UK can also deposit GBP in their ABC Bank accounts and access it while in the UK, thereby avoiding exchange rate losses. The card is also useful for UK expatriates. It provides them easy and convenient access to their funds held in their ABC Bank accounts. It also allows them to withdraw cash at MasterCard ATMs, pay for goods and services at point of sale terminals in the UK, and over the internet. Additionally, the card is EMV enabled, making it a secure substitute for cash.

The introduction of this card is part of the bank’s strategy to bolster its strategy for Diaspora customer acquisition. ABC Bank’s Head of Diaspora Banking, David Mburu said the bank entered the UK market last year and has sustained a marketing campaign to grow its presence there as recognition of the growth of the segment.

Mburu added: “Convenience to the customer is always the starting point for us; it forms an integral part of our consumer strategy as a bank.”

The launch of the GBP debit card comes at a time when there is a growing number of local entrepreneurs importing and exporting commodities between Kenya and the UK and addresses the challenge of carrying cash while traveling.

“If you have a business in Kenya and you need GBP in UK then this is your solution. You can deposit your GBP in Kenya, and shop with the GBP card in UK. It doesn’t get better than that,” noted ABC Bank General Manager, Peter Kinyanjui.

“ABC Bank recognizes the important role Kenyans in Diaspora are playing in economic development here at home, and we are giving them value added services to catalyze and facilitate that process. With the benefit of convenient access, our Diaspora customers can now bank here the same way they would in the UK,” added Kinyanjui.

Last year, the bank launched a US Dollar debit card and a money transfer solution that allows Kenyans in the Diaspora to transfer funds from their accounts to mobile wallets. Locally, the bank launched a four-in-one prepaid card in partnership with EMO Society. The Emo Connect card, designed for both Diaspora and local members, is a prepaid bank account card, insurance card, membership card and loyalty card, all in one.

Furthermore, the bank will soon launch a multi-currency card, which will facilitate the convenient usage of different currencies including the Dollar, Rand, Dirham and the British Pound.

In addition to offering them custom-made financial solutions, the bank also provides Diaspora customers with professional advice on investment opportunities available in Kenya and gives them the necessary financial support for investment.

Rift Valley farmers get payment card solution from ABC Bank and EMO Society - 20 June, 2015

Farmers in the Rift Valley region can now receive payments for their produce as well as make payments for various farm inputs and services using a first-of-its kind debit card courtesy of ABC Bank and EMO Society. Emoconnect Mastercard is a bouquet of benefits; it is a prepaid bank account card, insurance card, membership card and loyalty card, all in one.

Besides the numerous benefits, the card addresses the challenge of carrying multiple cards, caters for local and Diaspora members, can be used for online transactions and is also EMV compliant, making it secure to use.

Lucas Chepkitony, who was the chief guest unveils a dummy card during the launch.Lucas Chepkitony, who was the chief guest during the launch unveil a dummy card.

The society has over 17,000 members both in Kenya and the Diaspora, and had been working on identifying a suitable membership card for its members. Additionally, members have in the past lost their crops or livestock to natural occurrences without compensation because of lack of affordable insurance cover.

They and their families have also not had access to medical cover, thus incurring huge healthcare costs. However, with the new card solution, members now have a reprieve in form of highly discounted insurance products courtesy of Emo Partners Madison, AMACO and APA Insurances.

Members will access their funds through a wide range of outlets which include ABC Bank Branches and Agents, all Kenswitch ATMs and all Mastercard branded ATM’s worldwide. On the other hand they can top up their Emoconnect cards at all ABC Bank branches/agents, Emo Agency outlets or via Mpesa.

DominicABC Bank Card Centre Manager Dominic Muriithi speaks during the launch held in Eldoret.

“ABC Bank is confident that this product is truly revolutionary and ushers in a new way of accessing financial services for Emo Society members, and will enable them fully exploit the benefits of the integrated services at affordable cost and user friendly system”, said ABC Bank Card Centre Manager, Dominic Muriithi, during the launch.

With this new product, Emo Society intends to reach out to other potential members to take up the Connect card and start enjoying the benefits that come with it. EMO encouraged members to take up the card in large numbers.

“The society is committed to working with various partners to negotiate for more benefits that will enable all members to tap in. With the new card, members who would otherwise be transacting using cash now have the option of operating with a less risky cashless mode”, explained an Emo Representative at the launch.

To make it easy to apply for the card, the society has introduced a mobile solution whereby members would dial *269*90# and they will be guided accordingly. Cards will be delivered to be collected at a nearest Emo Agent. This is truly digital added the Emo Representative.

Muriithi added: The introduction of this card has comes at the right time when devolution has indeed opened up the counties, making them new business hubs in the regions. That means an increased need for comprehensive yet tailor-made financial solutions to facilitate growth and success in business.

ABC Bank scores a first with entrepreneurship Google+ Hangout - 26 May, 2015

In a bid to engage and connect with customers and the general online community, ABC Bank has trodden where most Kenyan corporates dread. The bank has become the first financial institution to host a Google+ Hangouts on Air, dubbed #ABCofBiz.

The highly successful session is the first in a series of similar hangouts that the bank plans to conduct to enhance its visibility and customer acquisition by exploiting technology.

The hangout brought together a panel of different extractions of expertise to discuss ‘common mistakes entrepreneurs make’ and ways of avoiding them to propel their businesses to success. The panelists included Professor Bitange Ndemo from the University of Nairobi, June Gathoni, Director SME Resource Centre, entrepreneurs Eric Kinoti, Murori Kiunga and pioneer comedian Churchill Ndambuki.

2 Director of SME Resource Centre, June Gathoni (centre), who was one of the panelists, stresses a point to Moderator Lee Gachomba (left) and Murori Kiunga.

3

Prof. Bitange Ndemo (2nd left) contributes to the discussion as Eric Kinoti (left), co-moderator Churchill Ndambuki (2nd right) and Lee Gachomba listen.

Although many Kenyan corporates have Google+ accounts, few have used hangouts to interact with their customers. The hangout attracted hundreds of viewers online and generated a lot of audience engagement. This is attributable to the large online community of young tech-savvy entrepreneurs whose emergence has heralded a new era of heightened competition for the millions of social media users in Kenya, majority of whom had their first internet experience on their mobile phones.

Using Google+ Hangouts to interact with customers offers business several benefits, such as the luxury of meeting many clients simultaneously without leaving the office, fast feedback on products and services, and the ability to produce own content at a low cost, which can be published on YouTube.

ABC Bank in Ksh. 700 million AMECEA Project Funding - 26th May, 2015

ABC Bank has financed a Ksh. 700 m construction project by AMECEA (Association of Member Episcopal Conferences in Eastern Africa) in the up-market Lavington area of Nairobi. The ground breaking ceremony was held on 26th May.

ABC Bank Group CEO Sridhar Natarajan and Group General Manager Peter Kinyanjui attended the ground breaking ceremony. “Through this financing agreement, we are reaffirming our commitment to support our customers’ aspirations. As you all know our vision is to enable you achieve the extra ordinary, and I believe what we are witnessing here today is beyond the ordinary”, said the Group CEO during the ceremony.

AMECEA1The Chairman of AMECEA (Association of Member Episcopal Conferences) , Cardinal Berhaneyesus Souraphiel (right) and his AMECEA Finance Committee counterpart , Cardinal John Njue, are shown the model of the commercial building during the ground breaking ceremony.

 

The new property will be located in Nairobi’s up market, Lavington area. Once complete the property will house a shopping mall, furnished apartments and offices. This is expected to plug the gap in the property market demand.

AMECEA is an institution of the Catholic Church in Eastern Africa, which exists to empower the society financially, alleviate poverty and support sustainable development in the region. This construction project will create a sustainable revenue stream to enable the organization fulfill its mandate.

Similarly, ABC Bank’s strategy is anchored on a commitment to contributing to the improvement of livelihoods of Kenyans. To achieve this, the bank continues to seek collaborations with like-minded institutions to support initiatives that will advance that objective.

ABC Bank wins Think Business Product Innovation Award - 8th May, 2015

ABC Bank trounced the large pack of entries in this year’s Think Business Awards to emerge 1st Runners Up in the Best Bank in Product Innovation category. The award winning product was the electronic Warehouse Receipt Financing solution the bank introduced in March in partnership with East Africa Exchange (EAX).

Banking awards 2015ABC Bank’s Head of SME Banking Lee Gachomba (centre) and Card Centre Manager Dominic Muriithi receive the award during the ceremony.

The solution enables farmers protect their produce against storage-related damage and negotiate for better prices.

We’re glad that our efforts to develop revolutionary products are being recognized by industry experts. This award signifies the strength of our business, the efforts of our staff and most importantly, the continued support from our customers.

ABC Bank and East Africa Exchange sign warehouse receipt financing agreement- 10th March, 2015

ABC Bank has signed an agreement with East Africa Exchange (EAX) to help grain farmers and traders obtain financing against their produce deliveries. This will also enable farmers protect their produce against storage-related damage and negotiate for better prices.

ABC Bank Group Managing Director, Shamaz Savani with EAX Board Chair Dr. Jendayi Frazer

ABC Bank Group Managing Director, Shamaz Savani with EAX Board Chair, Dr. Jendayi Frazer, during the signing of the partnership.

ABC Bank Group Managing Director Shamaz Savani and EAX Chairman Dr. Jendayi Frazer after signing the agreement at Capital Club, Westlands.

With warehouse receipt finance, a farmer or trader will deliver his produce to a warehouse that has been approved by the bank. The bank will then issue a receipt vouching for the quantity and quality of produce being stored. The bank will then take the receipt as collateral and provide financing to the farmer or trader.

Through the deal, ABC Bank will provide finance for electronic warehouse receipts to grain farmers and traders supported by EAX, provide clearing and settlement services platform integrated with the national payment systems and mobile banking solutions.

Lee Gachomba with Constantine KandieABC Bank Head of Retail Banking exchanges the memorandum documents with EAX Kenya Director Constantine Kandie.

“ABC Bank is committed to providing customized financial solutions to small and medium enterprises, including agribusinesses,” said ABC Bank Group Managing Director, Shamaz Savani, noting that agriculture is a key economic pillar that ought to be supported through financial partnerships to ensure the country attains food security to support the growing population.

EAX is a commodity exchange that aims to increase regional market efficiency and give the East Africa’s growing population, particularly smallholder farmers, better access to commercial markets, and link them to agricultural and financial markets so they can get competitive pricing for crops and access to finance.

Savani added: “Grain markets in Africa generally suffer from a range of constraints. Smallholder farmers are particularly affected owing to their vulnerability to price fluctuations and their weak bargaining position. With warehouse financing solutions like this, they will now be at a vantage point to bargain for better prices for their produce, thereby enhancing their capacity to produce more, create employment and contribute more to economic development”.

“The key advantage of a warehouse receipt is it resolves a whole series of problems, including protecting the traders from losing their produce in their own storage before reaching the market, and is also a great way of freeing up financing for the farmer,” said Constantine Kandie, Kenya Director for EAX.

ABC Bank, Fortec bring new dawn in Mwea hospital- 11th February, 2015

Residents of Mwea, Kirinyaga County can now sigh with relief as a new diagnostic imaging machine is within their reach, thanks to the Our Lady of Lourdes Hospital and an ABC Bank customer Fortec Medix Supplies Ltd.

The latter supplied the CT Scan machine to the mission hospital, through an asset financing facility from ABC Bank. The machine was commissioned on Wednesday 11th February.

Speaking at the event, Westlands Branch Manager, Lydia Ngrarama said the new machine will plug the gap in access to health care for the community around and beyond Mwea.

DSC01005 Fortec Medix Supplies MD James Mugo (left, in suit) explains how the 16 slice CT scan machine works to Bishop James Wainaina (in pink skull cap) during the commissioning.

DSC01024ABC Bank Westlands Branch Manager Lydia Ngarama speaks to journalists during the commissioning of the CT scan machine.

ABC Bank stakes claim on Diaspora remittances with Trans-Fast deal- 6th March 2015

ABC Bank and New York-based international money transfer service Trans-Fast have signed an agency agreement to enable Diaspora customers to send money to friends and family in Kenya.

The tie-up with Trans-Fast makes ABC Bank the first bank in East Africa to partner with the money transfer service, which has presence in 108 countries in America, Europe, Asia, Africa and Australia. The two institutions have received approval from the Central Bank of Kenya to launch the service.

ABC is banking on this new deal to solidify its position in the Diaspora remittances ecosystem at a time when Kenya’s Diaspora remittances have reached an all-time high of Sh. 129.99 billion in 2014, according to a recent report by Central Bank of Kenya.

ABC Bank offers a wide array of money transfer services, serving Kenyans living and working in America, Europe, and Middle East, enabling them to support their families in Kenya as well as invest.

“This collaboration brings added value to both ABC Bank and Trans-Fast, but more importantly, to all our customers. Together we bring fast and reliable money transfer services to more Kenyans,” said ABC Bank Group Business General Manager, Peter Kinyanjui, adding that the introduction of Trans-Fast is part of ABC Bank’s strategy for Diaspora customer acquisition and also appropriately caters for local businesses dealing with international clients.

“Kenya is an important market for inward remittances as well as growing potential for outward remittances. Kenyans working force is spread world across and Trans-Fast is well placed to cater to them across the globe”, said Samir Vidhate, Trans-Fast Director, Asia & Africa.

Trans-Fast, which has over 25 years in international money transfer service, enables customers to send money via its E-Commerce platform, TRANSFAST.com, Mobile App and in person at agent locations. Money can be deposited directly into recipients’ bank accounts, or they can pick up cash in person.

Vidhate added: This is a beginning of very important business relationship of two organizations that aim to serve Kenyan Diaspora across the globe. ABC is a highly reputed, technology oriented bank in Kenya and Trans-Fast is one of the very few remittance companies offering wide range of remittance products complimented by multiple channel of origination, in addition to ‘cash 2 cash’ and ‘cash 2 bank’ account.

Trans-Fast also offers, online originations via its e-commerce platform, and with this agreement, it is also offering its payout network in many countries, which includes Cash and Bank product.

ABC Bank also recently signed a similar agreement with international money transfer service, MoneyGram. Customers can access the service in all ABC Bank branches country wide.

ABC Bank partners with Imarika Sacco to provide current accounts to Kilifi residents- 22nd January 2015

ABC Bank has partnered with Kilifi-based Imarika Sacco in an effort to boost the county’s economic growth through offering residents a wider range of financial services.

The partnership will allow Imarika Sacco to overcome a regulatory obstacle to begin offering current account services and issuing cheque books to its members through ABC Bank which will, as a result, provide the Sacco members access to the national payments system. This will increase ease of transactions and improve efficiency of doing business.

Imarika SACCO Mr-page0001ABC Bank Head of Retail Banking Ms. Amanda Corline (right) and Imarika Sacco 
Chairman Mr. Richard Dzombo exchange partnership agreement documents during the 
official launch of the Imarika current account.

Saccos and other micro-finance institutions are not allowed by law to provide current account services and cheque books. They are also yet to be accommodated in the national payment system.

“The launch of the Current Account service at Imarika Sacco is part of the realization of a long time dream for product and service diversification as well as a part fulfillment of our brand promise’’ said Imarika Sacco Chairman, Richard Dzombo.

This partnership is part of the bank’s plan to support Saccos in to offer a wider range of innovative products and services to their customers and make them more competitive. ABC Bank has in the recent past entered in to similar partnerships with Unaitas Sacco, Kirinyaga-based Fortune Sacco and Postbank.

“Imarika Sacco customers will now enjoy a wider range of products offered by ABC Bank, therefore enabling them to grow and expand their businesses. This will help increase ease of doing business and thus enhance competitiveness and wealth creation’’, said ABC Bank General Manager, Group Business Development, Peter Kinyanjui.

Kinyanjui added: ‘‘ABC Bank views Saccos and microfinance institutions not as competition, but as partners, hence the reason for this partnership through which ABC Bank seeks to provide Fortune Sacco with a platform that allows it to optimize its input in the economy. We are grateful to note that Saccos and MFIs have embraced our solution and no longer see us as competition. We are partners working together to ensure that Saccos meet the demands of their customers, a one-stop shop and optimize their input in the economy ’’

The partnership is part of ABC Bank‘s efforts to boost the cooperative sector’s competitive advantage to best achieve their business goals, and to offer a seamless, convenient and comprehensive financial services experience to their customers.

We are facing 2015 with optimism despite the challenges of 2014 - 5th January 2015

Since the last General Election in March 2013, the first under the country’s new constitutional dispensation various sectors of the economy have undergone major reforms, leading to a more robust and business friendly environment.

In response to these changes, businesses have identified new opportunities to take advantage of the new environment to grow their value and market share. One of these businesses is the ABC Bank, which has aggressively and strategically aligned its operations with the financial market in a bid to shore up its margins and market share.

The bank released a Ksh. 650 million private bond in May this year with a green shoe option of Ksh. 350 million to raise the total long-term lending portfolio due to a significant pent-up demand and support its growth strategies including solidifying and securing its leading position in the small and medium enterprises (SME) segment. The bond was oversubscribed by 57 per cent.

“The bond issue has enabled us provide longer term credit to our SME clients and will also boost the bank’s capital structure to enable us proactively manage capital adequacy ratio requirements in 2015’’, noted ABC Bank Group MD Shamaz Savani.

Looking ahead into 2015, Mr Shamaz said they plan to raise more capital through various vehicles to support their expansion strategy.

“We plan to open two new branches in Nairobi to cater for our increasing number of customers. We will also continue to reinforce our Diaspora Banking strategy to reach new frontiers,’’ Mr. Savani hinted.

He said the bank will continue to invest in innovation, brand building, human capital development and pursuing more Public Private Partnerships (PPPs). He added that they are facing the New Year with a desire to serving their customers even better driven by their sound footing as reaffirmed by various organisations.

For instance, in November 2014 Global Credit Rating Company affirmed the national scale long term rating assigned to ABC Bank of BBB (KE) and upgraded the national scale short term rating to A2 (KE) from previous rating A3 (KE). The ratings are valid until October 2015.

The new ratings are supported by the bank’s moderate business and financial risk profile, growth in business, efficiency in balance sheet, commencement of non-performing loans recovery, cost control as well as success in the private bond issue.

According to Mr. Savani, the favourable rating assures investors of the fundamentals of the business, its actual strength, financial standing, and management details, giving them the confidence in considering investing in the bank.

In an effort to foothold in the market, the bank signed key partnerships with other institutions this year to enable it leverage on its experience of 30 years in the financial sector, and the synergy of its partners to increase it touch points for more customers to access its services more conveniently.

The bank launched a partnership with Kirinyaga-based Fortune Sacco in February, and Postbank in June, to enable the two institutions overcome a regulatory hurdle that limits Saccos and micro-finance institutions from offering certain products such as cheque books, trade finance facilities such as performance and bid bonds, which are requirements for participation in government procurement.

The Postbank deal also included an Agent Banking arrangement, in which ABC Bank would utilize Postbank’s branch network countywide to offer its customers normal banking services such as cash deposits and withdrawals, and balance enquiry.

‘‘We view Saccos and microfinance institutions not as competitors, but as partners, hence the reason we entered into these partnerships. We are partners working together to ensure all parties meet the demands of their customers and optimize their input in the economy,’’ said Savani.

The bank has been recognised by various benchmarking institutions for its good performance in different facets of business. It emerged second in the Internet Banking category during the Banking Awards organized by Think Business Ltd in April. The bank attributes this to its investment in continuous innovation.

It also scooped two awards in the Champions of Governance in November- 1st Runners Up in the Finance and Investments category, as well as 1st Runners Up, Overall.

“We believe well-governed companies carry lower financial and non-financial risks and generate higher shareholder returns. They also have better access to external finance and reduce systemic risks due to corporate crises”, said Mr. Savani. A recent independent survey by Infortrack Harris rated ABC Bank as the best in customer satisfaction among its tier three peers.

This year, ABC Bank upgraded its internet banking platform to the globally acknowledged 2nd Level Authentication, which is a superior security feature that shields customers from fraudsters. Other money transfer services the bank has introduced include a US Dollar debit card, an Account-to-Mpesa (B2C) service in conjunction with Safaricom, and more recently, Airtel Money services.

Diaspora banking is an emerging market that has caught the local banking sector by a storm, with financial institutions angling for the lucrative Diaspora remittances. ABC Bank has aggressively established its footprint through agents in the UK, Americas and the UAE to cater for the growing number of Kenyans living and working abroad.

As a socially responsible organization, ABC Bank invests in corporate social responsibility. Its flagship CSR initiative, the ABC Bank Baringo Half Marathon is an annual sporting event held in November in Kabarnet, Baringo County. The bank this year doubled the sponsorship to Ksh. 10 m and increased the prize kitty.

Airtel Money goes live in ABC Bank - 17th November, 2014

We are glad to inform you that ABC Bank customers can now access Airtel Money services at any ABC Bank branch countrywide. The services being offered under this partnership include;

Retail services – customers will be able to send/receive money at any ABC Bank branch countrywide

Super Agency services – customers will be able to buy or sell float at any ABC Bank branch.

We believe that this new service goes a long way in positioning the Bank as a one stop financial institution.

ABC Bank shines at Governance Awards-15th November, 2014

ABC Bank scooped two prestigious awards at the recent Champions of Governance Awards 2014, organized by the Institute of Certified Public Secretaries of Kenya.

The bank bagged the second overall champion award, and emerged 1st Runners Up in the Finance and Investments category.

DSC_7238

ABC Bank’s Joram Onsare (left) and Rosemary Muriuki (right) receive the 1st Runners Up Overall Champion Award from Amb. Francis Muthaura, who was the chief guest at the gala

The awards, now in their fifth year, seek to recognize institutions and individuals that exhibit the highest standards of practice of good governance and encourage more organizations, both public and private, to embrace the principles of accountability, transparency and disclosure compliance, consistent shareholder value enhancement, and corporate social responsibility.

These awards mean a lot to us; the recognition is a result of our deliberate and consistent observance of an open and transparent culture that permeates all our daily activities and interactions at all levels. They are a reflection of who we are, as a body corporate.

ABC Bank gets the thumbs up from global credit rating agency-11th November 2014

The Global Credit Rating Company has affirmed an upgraded national scale short term rating to A2 (KE) from previous rating A3 (KE) and a national scale long term rating of BBB (KE) and from the Global Credit Rating Company.

The ratings, valid until October 2015, are supported by the bank’s moderate business and financial risk profile, growth in business, efficiency in balance sheet, commencement of non-performing loans recovery, cost control as well as success in the private bond issue in May this year.

The bank released a Ksh. 650 million private bond with a green shoe option of Ksh. 350 million. With 5.25 years tenure and a yield of 12.6 percent, the bond was oversubscribed by 57 percent.

<a href=”http://www.abcthebank.com/wp-content/uploads/2014/12/ABC-Bank-house.png”><img class=”aligncenter size-full wp-image-1005″ src=”http://www.abcthebank.com/wp-content/uploads/2014/12/ABC-Bank-house.png” alt=”ABC Bank house” width=”604″ height=”404″ /></a>

The upgrade of the bank’s short term rating is a reflection of the positive operational changes in the business, including the enhanced funding profile of the bank and the potential internal growth. Appropriate deployment of capital/funding, improving profitability while maintaining credit protection factors, the diversification of income streams and a reduction in funding costs on the back of the retail strategy may have a positive impact on the bank’s long-term rating going forward.

‘’We are excited about the new rating. It positions the bank as a safe and stable investment vehicle for investors, as it is a stamp of financial soundness, with a minimal risk of insolvency’’ noted ABC Bank Group Managing Director Shamaz Savani.

Leveraging its strengths in asset finance, trade finance and international and local remittance solutions, the bank has carved out a niche by providing focused services and solutions to mid-to-large sized corporate firms. More recently, however, the bank has expanded its client profile to include all market segments.

‘’ This good rating assures investors of the fundamentals of our business, its actual strength, financial standing, and management details, giving them the confidence in taking investment decisions’’ added Savani.

Following a successful realignment of its business model in line with its five year (2013- 2017) strategy, the bank created five strategic business segments, namely: Corporate Banking, Retail Banking, SME Banking, Treasury, and Alternative Channels.

Athletes battle it out at the ABC Bank Baringo Half Marathon-1st November,2014

Men -21 km (Josphat Kiprop)

A jubilant Josphat Kiprop crosses the finish line to bag the Ksh. 300,000 in the 21km men’s race.

This year’s edition of the annual ABC Bank Baringo Half Marathon took n November 1st in Kabarnet town, Baringo County.

This is the second year the bank has organized the marathon as title sponsor. The marathon is our flagship Corporate Social Responsibility initiative, and seeks to identify and nurture young athletic talent with a view to produce the next generation of world champions.

Since we took up the title sponsorship, we have endeavoured to raise the event’s profile in various ways, including increased participation and the enduring impact among the immediate communities. This year we double the sponsorship kitty to Ksh. 10 million, to go to hosting the event and our Athletes Development Program.

Women 21km (Cynthia Jerotich Limo)

Cynthia Jerotich speaks to journalists after finishing first in the 21km women’s category

We also boosted the prize purse; the first finishers, in both the men’s and women’s 21 kilometer categories, took home Ksh. 300,000 each, while winners in the six kilometer category for boys and girls pocketed Ks. 25,000.

This year we introduced a schools category that saw over 50 schools register teams of ten students for the 6 km cross country race. The winning team took to their school Ksh. 100,000.

The Athletes Development Program is a sustainability project that will enable us to deliver on the objective of producing world champions. Last year we selected a group of 12 promising young athletes, whom we placed in various athletics training camps in the North Rift region, under dedicated professional coaches to set them on the path to stardom.

Some have gone on to participate in different local and international races, and have recorded impressive performances. For instance, Hilary Kemboi competed in a race in Nigeria and scooped the gold medal in the 10,000 meters race. In August, Alfred Barkach participated in the East African Secondary Schools Championships and won the 10,000 meters race. Josphat Kiprop, another of our sponsored athletes, won the 21 kilometer race in this year’s Baringo Half Marathon. These success stories confirm the need for talent development. We are picking more athletes from this year’s marathon to join the Athletes Development Program.

Besides athletics training, we also offer life skills training to our athletes to make them all round successful people even off the track. We have trained them in investments and personal finance, success management, public speaking and handling media interviews, and managing sponsorship contracts.

ABC Bank used the opportunity to engage the Baringo County Government and other business people on possible areas of collaboration.

_DSC0426

Kiplimo Rotich, the youngest participant in the 6km boys’ category, receives his prize from ABC Bank Group MD Shamaz Savani (left) and Baringo County Governor Benjamin Cheboi.

Ethiopian athletes arrive for ABC Bank Baringo Half Marathon- 30th October, 2014

Shamaz chats with Ethiopian athletes-compressed
ABC Bank Group MD, Shamaz Savani (centre) chats with the Ethiopians athletes during a press briefing at the Laico Regency, Nairobi ahead of the marathon.

Four Ethiopian athletes arrived in Nairobi for the 2014 edition of the ABC Bank Baringo Half Marathon set for tomorrow Saturday 1st November, in Kabarnet, Baringo County.

The four (two men and two women) were unveiled yesterday at a Nairobi hotel. They include 29 year-old Dereje Adugna who recently won the 5,000m race at the AA Club Championships.

Others are Degene Shewakena, who has personal best of 1.00:04 in 21km, Banchayehu Tadessa — winner of 2014 Dire Dawa 10km race and runners’ up at the 2014 Ethiotrail 12km as well as Mekedes Fekede— who recorded a time of 1.18:00 in 2012 Moha 21km.

This will be the second time Kenya’s biggest rivals in athletics will be taking part in the event, after a similar number turned up last year.

Team leader Kebede Tafari said: “We are happy with this relationship and we are looking forward for a good race on Saturday (tomorrow) as we present these two men and women.”

And following unrest in some sections of the county where banditry saw the killing of four people earlier in the week, the organisers have assured all the participants and spectators of their security.

“The County Government have assured us that security will be tight before during and after the race,” said Paul Tergat Foundation’s Kaplich Barsito.

“The clash area is far away from where our venue and we are not expecting to have any problem.”

“We are set for the event and everything is complete on the ground. Our involvement with Ethiopia seeks to help us benchmark with the best in the continent and globally as we look forward to have the race gain international standards,” added Kaplich.

ABC Bank group managing director Shamaz Savani said the event seeks to not only develop athletics talent in the North Rift but also help runners stand out in areas of financial management and public relations.

The event will feature two races, the main 21km run and a 6km cross country featuring secondary school going students.

The 21km race will be flagged off at 7am while the cross country will be on from 10.30am. The winners in both the men and women’s categories will each take home Sh300, 000.

The winning school in the cross country will pocket Sh100, 000 while at individual level, the winner will go home Sh25,000 richer.

ABC Bank Baringo Half Marathon launched, sponsorship kitty doubled- 25th September 2014

image_baringo_marathon_2014ABC Bank Group MD Shamaz Savani (centre) presents the sponsorship cheque to the Paul Tergat Foundation Chairman and marathon Patron Paul Tergat (left), flanked by Baringo County Governor Benjamin Cheboi during the launch. The Bank doubled the sponsorship kitty to Sh. 10 M this year, to go in to organizing the race and athletes development.

Nairobi, September, 25, 2014: The ABC Bank Baringo Half Marathon 2014 edition will take place on 1st November. The race, themed ‘Developing Athletic Talent’ is an exciting strategy that seeks to nurture and promote young sporting talent.

Read more:

ABC Bank hosts inaugural Kisumu Golf tourney- 20th September 2014

ABC Bank hosts inaugural Kisumu golf day

ABC Bank Group CEO Sridhar Natarajan (2nd left) awards the ladies category winner Beatrice Besonga (right).

On September 20th 2014, golfers in Kisumu flocked to the Nyanza Club with their caddies in tow, for the ABC Bank-sponsored golf tournament. Dubbed ‘Swing into Action’ the tournament was part of the bank’s ongoing customer engagement plans. It was the first time the tournament was hosted in Kisumu. Earlier in April, we had hosted a similar tourney in Eldoret. Our main objective is to use these tournaments to interact with, and listen to our customers as well as meet new ones. We will continue to host such events across the country.

ABC Bank partners with Kenyatta University to support young innovators - 16th September 2014

image_KUABC Bank General Manager Peter Kinyanjui (2nd left) presents the sponsorship cheque to Kenyatta University Vice Chancellor Prof. Olive Mugenda. Kinyanjui was accompanied by ABC’s Chief Information Officer Martin Mutiga (right), and ABC’s Head of Corporate Banking Mary Mulili (centre). On the left is Dr. George Kosimbei, the Director of the university’s Business Centre for Innovation Incubation (BCII).

On September 16th, the Bank joined hands with Kenyatta University by donating Ksh. 250,000 to support inventive students to realize their entrepreneurial potential. The university, through its Chandaria Business Innovation Incubation Centre, nurtures students with innovative ideas to transform them to viable enterprises.

Speaking when he presented the cheque to Kenyatta University Vice Chancellor, Professor Olive Mugenda, ABC Bank’s General Manager, Group Business Development, Peter Kinyanjui underscored the importance of partnerships between corporates and institutions of higher learning, saying this would spur the improvement of educational standards in the country.

On her part, Professor Mugenda hailed ABC Bank for being the first bank to support the incubation program.

The donation is part of ABC Bank’s CSR strategy to help the youth to discover and develop their talent. The Innovation Incubation Centre recently organized an investors’ confidence to give students under the program an opportunity to show case their ideas and to link them with potential investors.

ABC Bank and Postbank to provide cheque clearing solution - 24th June 2014.

Nairobi, 24th June 2014. Over two million Postbank customers can now access cheque books and process cheque payments through ABC Bank following the signing of a deal between the two banks.

The new solution will be available through the Postbank Cheque Account, which will enable Postbank customers obtain cheque books and process their cheques through ABC Bank’s clearing house. This will not only provide these customers with an important payment instrument that will help streamline their business transactions but will also help Postbank introduce the culture of savings to other market segments.

“The launch of this solution means much more to us than just a new product; it means a new solution, more opportunities and more possibilities for us and for Postbank. Postbank customers will now have the added benefit of getting cheques books, an important tool in business transactions”, said Postbank MD Dr Nyambura Koigi.

Postbank has not been issuing cheque books because it was established as a savings bank. However, through the partnership with ABC Bank it can now offer cheque clearing solution as an additional service to its customers.

ABC Bank has also launched an agency banking channel with Postbank as its agent in a bid to deepen its reach and enhance ease of access to services to its customers countrywide. The partnership will allow ABC Bank customers across the country to withdraw and deposit cash to their ABC Bank accounts through Postbank 99 outlets countrywide.

“This partnership is crucial for ABC Bank as it is key in the strategic direction we have been pursuing for the last couple of years. It reinforces our determination to increase and improve our channels to provide more touch points for our customers to access our services”, said Mr. Savani, adding that the partnership is part of the bank’s growth and expansion plans.

ABC Bank will utilize 99 of Postbank’s outlets across the country to offer its customers normal banking services such as cash deposits and withdrawals, and balance enquiry. In addition, the deal will enable ABC Bank reach new customers and increase product penetration and uptake.

About ABC Bank ABC Bank is a locally incorporated bank which has carved a special niche in providing focused services and solutions for mid to large size corporate firms, facilitating its business customers through innovative business solutions and emphasizing its main strengths in asset finance, trade finance and international/local remittance solutions. In addition to these markets, the bank has introduced a variety of personal banking solutions that have created an all rounded platform for individuals to transact with the bank.

ABC Bank supports Kenya Rural Sacco Societies Union - 28th May 2014.

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26th May 2014: ABC Bank has sponsored the Annual Conference for the Kenya Rural Savings & Credit Co-operative Societies Union Ltd (KERUSSU). Kerussu is the umbrella cooperative organisation for rural Saccos. It brings together 53 rural Saccos with a membership of over 1.5 million where the members’ key source of income is tea, coffee and horticulture. The bank continues to support and empower SACCOs for them to deliver more services to customers. We see SACCOs as partners and not as competitors.

ABC Bank eyes strategic partnerships to expand regionally - 26th May 2014

26th, May 2014: ABC Bank Group MD Shamaz Savani featured in a special pull out-in the Business Daily- profiling chief executives who have turned around the performance of their organizations and market segments.

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African Banking Corporation (ABC) Group is eyeing more strategic partnerships to cement its leadership position in supporting SMEs in the region. The Group is also banking on such partnerships to deliver more new products, quicker and at lower prices. This has made collaborative business arrangements a winning formula for ABC Bank whose success story is formed in part by several such agreements.”For instance, in 2012 we partnered with the European Investment Bank to enable us to lend to our customers for longer tenures and at better rates,” Mr. Savani discloses.

ABC Bank is 2nd Best Bank in Internet Banking 2014 - 30th April 2014

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ABC Bank has added another feather to its cap by emerging 2nd in the Best Bank in Internet Banking in this year’s Think Business Banking Awards.

“This award is especially meaningful for the Bank, as it is a validation of the strategic direction we chose two years ago. It reinforces our resolve to increase and improve our channels to provide more touch points for our customers to access our services.” says ABC Bank Group Managing Director Shamaz Savani.

Savani adds: we understand that online banking is no longer the future of banking; it is the way to bank. This win demonstrates our commitment to excellence and innovation to align ourselves with emerging trends in service delivery in line with our culture of professionalism and customer-centricity,”

ABC Bank this year upgraded its Internet Banking platform to 2nd Level Authentication to assure customers security of their accounts and online transactions. 2nd Level Authentication is currently the most secure online banking system available in the market, is user friendly, and offers increased functionality to customers, including allowing them to carry out transactions in real time.

The 2nd Level Authentication is an enhanced security feature for internet banking to protect clients from any possible fraudulent activities on the web. A customer will now be required to key in a Transaction Authentication Number (TAN) before carrying out any Payment/Transfer instructions online.

To sustain business competitiveness, it is imperative to shift from the traditional approach of bricks-and-mortar into a clicks-and-mortar, added Savani, noting that adoption of technology has now become an essential measure of efficiency and success of any business.

Through its free-of-charge internet banking, ABC Bank customers can now access their accounts and perform online transactions without visiting a banking hall, making it very easy and convenient for customers to manage their bank accounts.

ABC Bank-sponsored students visit - 28th April 2014

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Two students sponsored by ABC Bank, Walter Okombo (St. Mary’s School Yala) and Marygoretti Atieno (Moi Girls High School – Eldoret) visited the bank in April to meet and greet their sponsor as well as receive guidance and mentorship from the bank staff. The two form three students were taken on a tour of the bank and met various employees who spent time advising them on career choices and life skills. Their visit culminated with a meeting with the Group Managing Director Shamaz Savani. Shamaz advised the two to be all-round while at the same time giving special attention to their studies. The students expressed their gratitude to the bank sponsoring them, and for the exposure they got during the visit. They also declared their commitment to excel in their studies as their ultimate show of gratitude to the bank. The bank has fully sponsored the two for their school fees and upkeep as part of it’s corporate social responsibility.

DAL showcases posh homes in Juja - 26th April 2014

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Developing Afrika Ltd (DAL) held its open day on Saturday, 26th April 2014 to show case their new houses in Juja South Estate. DAL used the opportunity to get interested buyers to book for the houses in phase one of the project, which are nearly complete. ABC Bank is the mortgage finance partner for the project.

Speaking during the well attended open day, DAL CEO Patricia Githu said they intend to put up 257 units in two phases. Phase one of the development comprises of 112 units: 70 two bedroom apartments, three bedroom penthouses, three and four bedroom town houses. The gated community complex sits on a 30 acre piece of land situated half way between Nairobi and Thika town. Sitting on an eighth of an acre, each unit has a spacious servant quarter and a state-of-the-art waste management system (bio-digester) that automatically recycles all household liquid waste.

Once complete, the housing complex will have a commercial centre, a school, swimming pool, club house and borehole as an alternative water source. Patricia said about 54 percent of the Juja South Estate project had been sold out, and that DAL intends to roll out other projects faster to take advantage of the ever-rising housing demand in the country. The location provides a wide panoramic view across the expansive plain stretch of land overlooking the Kilimambogo Hills on the East and Ngong Hills at a distance on the West.

This offers a spectacular view of sunrise and a breathtaking sun downer. The environment is simply serene and welcoming, away from the hustle and bustle of the city, and enjoys a soothing fresh air breeze all day, ideal for both working and relaxation. The estate is easily accessible via the Eastern bypass from Mombasa Road and JKIA, as well as the Thika Superhighway from both Nairobi and Thika Besides real estate, DAL also has interests in project and property management, leasing, joint ventures and trade finance.

ABC Bank gives budding athletes Kes 0.5 million-6th April 2014

Budding athletes in Iten received a boost from ABC Bank in support of their training. This is part of the bank’s community relations strategy that is expected to nurture more young talented sportsmen and women in various disciplines to become world champions.

‘We are committed to supporting young talent in athletics and other sports disciplines so that this country continues to produce world champions” said ABC Bank Group CEO Sridhar Natarajan when presented the cheque to the Paul Tergat Foundation. The athletes were picked for intense training in various training camps in Iten after they posted impressive performances in the ABCBank-sponsored Baringo Half Marathon last year.

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Receiving the donation, Simon Chebon who is in charge of programs and administration at the Paul Tergat Foundation said the contribution will go in to facilitating the coaches and athletes in local events, purchase of kits and partly pay for school fees for some of the junior athletes.

The bank had on Saturday hosted golfers in Edloret to a golf tournament, in which three junior players beat older and more experienced players to clinch the top three prizes.

ABC Bank Golf Day wows Eldoret customers - 5th April 2014

Bank customers and other golf lovers flocked the Eldoret Club on Saturday for the Swing into Action Golf tournament.

Led by the ABC Bank Group CEO Sridhar Natarajan and Eldoret Branch Manager Kipkosgey Rogony, the bank used the opportunity to appreciate and interact with customers as well as make new contacts with prospective clients.

Speaking during the prize giving ceremony, a jovial Natarajan pledged the bank’s support and commitment to fostering lasting relationships.

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He added that sports is a great way of pulling the youth away from the arresting power of the internet and other technological obsessions and make them world champions.

ABC Bank launches Sh 1 Billion private bond issue - 3rd April 2014

ABC Bank has launched a private bond to raise Ksh 1 billion to grow its lending portfolio. The bank will first issue a Ksh. 650 million with a green shoe option of Ksh. 350 million if investors demonstrate strong enthusiasm.

The bank is offering select investors an opportunity to invest at a rate of 12.6 percent annually for a period of 5.25 years. The proceeds of this issue will enable the bank invest in its core segments of SME and retail banking, expanding branch network besides fulfilling strategic business objectives .

This is a purely private bond offer. It represents the bank’s ambitions to establish itself in the market by taking advantage of the opportunities a larger capital base affords,” said ABC Bank Group Managing Director Shamaz Savani.

The bond gives the lender the confidence to continue to aggressively pursue its strategic objectives in the market, while ensuring superior value for both investors and customers.

The bank’s investment advisors ABC Capital Ltd and Standard Investment Bank will manage the bond issue.

ABC Bank remains consistent in its focus on the SME sector by enabling them reach their potential for growth and supporting them to achieve success. The growth of its balance sheet over the past few years demonstrates the strong demand from customers for financing.

Analysis:Economic outlook throughout Q2’14 – 22nd March 2014

Things could get better if first quarter trend is maintained

By Duncan Lumwamu

The past quarter saw the economy remain stable at the macro level with inflation holding out at an average of 6.78 percent after marginally declining from 7.21 percent in January to 6.27 percent in March. This was occasioned partly by lower fuel costs and forex adjustment charges thereby significantly reducing the cost of electricity compared to the same period last year.

Notably though, prices of food, electricity and water components have been rising over the same period mainly due to errant weather conditions in the country.

Another key indicator, the 91 day Treasury bill averaged at 9.12 percent over the period, declining from a high of 9.38 percent in January 2014 to a low of 8.85 percent as at the close of the quarter. The decline is attributed to increased liquidity of the banks and of the investors from a number of redemptions and maturities of Treasury bonds thereby increasing demand that could have led to over subscription.

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Duncan Lumwamu is a Research Analyst at ABC Capital Ltd.