news

30^th November, 2017: ABC Bank ABC Bank won three awards during the 2017 Champions of Governance (CoG) awards organized by the Institute of Certified Public Secretaries of Kenya held at the Radisson Blu Hotel.

The Bank was awarded:

· Winner – Most Improved Organization 2017

· 1st runners up – Finance and Investments category

· 2nd runners up – Champion of Governance 2017

The awards affirm the Bank’s commitment in implementing and complying with principles of good governance of responsibility, accountability, fairness and transparency. The Bank has over the years invested in processes to ensure adherence to industry guidelines and that support good governance in relation with its internal and external stakeholders.

We are truly grateful for your support that has made it possible for us to come this far and be feted. Asante sana!

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.

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.

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.

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 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.

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.

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.

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 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.

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 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.

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 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.

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

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 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.

“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.

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.

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 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 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.

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.

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.

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!

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.

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

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.

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 11^th to 17^th 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’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.

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 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.

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 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.

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 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.

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 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.

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 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.

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

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

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 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.

“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 14^th 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.

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.

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 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.

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.

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 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 1^st Runners Up, Best County Initiative Award during the Connected Summit.

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.

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 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 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.

“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.

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.

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 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.

“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 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.

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 8^th 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.

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 5^th 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 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.

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.

Other links:

• Saturday Nation, 12th December, 2015: http://www.nation.co.ke/business/Regional-banks-share-Sh12bn-loan-to-bolster-SME-lending/-/996/2993298/-/97pkxlz/-/index.html
• The Star, 12th December, 2015: http://www.the-star.co.ke/news/2015/12/12/abc-bank-secures-sme-loan_c1259105

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.

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.

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

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 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 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.

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 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.

ABC 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.

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.

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.

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 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.

The 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 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).

ABC 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 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 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.

ABC 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.

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.

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.

Click here to read the full article…

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 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.