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KCB Diaspora Banking, Vincent Aberi, Looks to Guide Diaspora Capital to Grow Kenya

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Prof. Njoroge of WPI (Left) Vincent of KCB Diaspora Banking (Center) listen to Prof. Notarianni Head of Fire Protection Engineering Department at WPI Fire Science Laboratory. Prof. Njoroge of WPI (Left) Vincent of KCB Diaspora Banking (Center) listen to Prof. Notarianni Head of Fire Protection Engineering Department at WPI Fire Science Laboratory.

Every now and then a story will appear based on calculations on the amount sent by Diaspora to Kenya. In a recent report it was revealed that Kenya in Diaspora is sending Kshs 10 billion a month or annually about Kshs 120 billion ($1.4 billion.) This money in the past has contributed very little in Kenya economy growth as it entered the Kenya economy as donations for healthcare, education and other needs. “Thanks to County Governments set-up,” says an excited Kenyan abroad, “Devolution will reduce the demand for donations and now one can save and investment.” It is for this reason many are excited about KCB Diaspora Banking Division tour abroad.

Vincent Aberi, head of KCB Diaspora banking, in his tour abroad visited with Professor Njoroge, WPI Professors Arthur Gerstefeld and Professor Kathy Notarianni as Prof. Njoroge introduced Kenya University Project to the banker. Vincent told the professors that he spent 18 years in the U.S working in the financial sector and recently relocated back to Kenya. The fact that Vincent has been in Diaspora makes Kenyans in Diaspora asked of their views say, “KCB hiring someone who has Diaspora experience to head Diaspora Banking is the first step to engage Diaspora. A person who has spent many years in Diaspora could be trusted more. The Diaspora person will not look at purely the banks interest at the expense of the Diaspora investor’s.” 

With about 50% of the estimated $1.2 billion remittances flowing from U.S and Canada, North America Kenyan Diaspora, KCB banking could end up guiding a large percentage of this money to great projects that Diaspora could implement. Talking to Professor Njoroge of Kenya University Project the banker said that the bank has money to lend out to the Diaspora Kenyans who are looking to do development projects. The combination of Diaspora money and Kenya money could see thousands of new jobs created.  

The institution project led by Professor Njoroge is set to create an institution and settlement that has an estimated investment return of over 25% per annum for capital invested. Professor Njoroge after meeting with Vincent from this one meeting said he is the right person to set up trust services as well as banking products that can guide the Kenyan Diaspora capital to flow into Kenya and grow Kenya.

Diaspora Capital guided the right way could easily spark Kenya to a higher Gross Domestic Product (GDP) just like what happened in Asia countries. Indeed Diaspora Capital has the potential in reducing the Kenya Balance of Trade deficit which today at about Kshs 1 trillion annually reduces Kenya GDP by about 25% every year. “If Diaspora investment can lead to growth that can lower by 1% every year the current Balance of Trade Deficit then Diaspora through KCB Diaspora Banking will contribute to 1% growth of GDP in Kenya and help shape a better secure Kenya.”   

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