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KCB Bank Receives Diaspora University Town Land Title

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At KCB Bank Nairobi (From Left) Vincent Aberi, Head of KCB Diaspora Banking; Rose Ndiritu of Concept Construction (co) Ltd, & Bishop Donald Mwawasi of Atlanta, GA. At KCB Bank Nairobi (From Left) Vincent Aberi, Head of KCB Diaspora Banking; Rose Ndiritu of Concept Construction (co) Ltd, & Bishop Donald Mwawasi of Atlanta, GA.

Kenya University Project (KUP) team of Bishop Donald Mwawasi of Atlanta, GA and Rose Ndiritu formerly of Worcester and Lowell in MA deposited the land title where Diaspora University Town will be developed in KCB Bank for safekeeping. The land title was received by the head of KCB Bank Diaspora Banking, Vincent Aberi, a former Diaspora Kenyan who lived in Dallas, TX before taking his job in Kenya.

Vincent, who was introduced to the project when he visited WPI 2014 to discuss how KCB Bank could finance, said, "Being an Ex-Diaspora I'm excited about the project." He said he will establish the custody of the land title in the bank as well as start the process that will lead to financial products for the Town House developers. The banker in July received a list of Town House Developer files from the Law firm of Attorney Njoroge Kamau in Worcester, MA as well as a Design-Build report of the property development planning being done by Concept Construction (Co) Limited.  

“I’m very excited about the progress we have made,” said Bishop Mwawasi who has worked on the land since 2012. The Bishop is happy that the Diaspora will develop a town and a university as well as create Jobs. The Bishop is also excited that KCB Bank is working with Diaspora and that Diaspora will be able to tap KCB loan advances to develop Kenya. KCB Bank loan advances grew from Kshs 96 billion in 2009 to Kshs 353 billion by the close of 2016 and are expected to grow to about Kshs 700 billion by 2021.  

Rose, who led a team that did the study of the land as she climbed to the highest point of the land continues to be excited with every progress made. She is happy Diaspora Capital is progressively producing a planned town in Kenya. The Diaspora capital to develop Diaspora University Town includes: Master Development Plan; Diaspora Scholars Founding the University; Diaspora Partners, WPI and others; Diaspora Doctors, Nurses and healthcare professionals founding the Medical Hospital; Diaspora who shall open diverse Small Medium Enterprises (SMEs) and Diaspora Cash.   

Diaspora cash is the remittances that will reach Kshs 180 billion this year. The remittances once in Kenya not only contribute to purchase of goods and services, but also to the growth of bank deposits and bank loan advances. From 2009 to 2016 the Diaspora remitted about Kshs 800 billion that contributed to the expansion of the Bank financial sector from Kshs 1 trillion total bank deposits in 2009 to about Kshs 3 trillion total bank deposits 2016. The loan advances grew from Kshs 721 billion 2009 to about Kshs 2.5 trillion 2016. The Diaspora will add about Kshs 1 Trillion in next 5 years as loan advances grow to Kshs 5 trillion.   

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