ABC Bank goes after leisure travellers, diaspora customers with dollar debit card
This comes at a time when commercial banks, telecoms and money transfer firms are fighting for a share of the cash-rich diaspora diaspora market.
The bank’s General Manager Peter Kinyanjui said using the dollar denominated card gives the consumer the protection against the inherent risk of carrying cash, adding, “even if you lost your card your funds would still be safe.”
He said transactions made using the card are completed on a real time basis since most countries use up-to-date processing terminals.
He noted that the introduction of the revolutionary payments solution is part of ABC bank’s strategy for Diaspora customer acquisition and also appropriately caters for local businesses dealing with international clients.
”As the trend towards cashless payments continues to gather momentum, we are cognizant of the emerging customer needs and we have introduced several other cards in to the market”, said Mr Kinyanjui.
Most of the money sent by about half a million Kenyans living in the Diaspora, according to the World Bank, is used to fund investment projects, a move that has attracted local companies, especially in the banking sector to invest in facilitating such transactions.
While the main sources of Diaspora remittances to Kenya are from Europe and the United States, Kenyans living in other African countries are also attracting interest. Remittances form a good source of deposits and non-funded income and revenue for commercial banks.
Linked to a primary account and backed by MasterCard, the card makes it easier to make payment and withdrawals in various countries. The card is EMV compliant and is applicable to ATM and Point of Sale transactions. Last month, the bank unveiled a money transfer solution that allows Kenyans in the Diaspora to transfer funds from their accounts to Mpesa accounts.