Our Products

KCB Diaspora Banking is indeed your financial connection to home. Irrespective of where you are in the world, KCB’s bouquet of Diaspora Banking products and services offers you safe and convenient money management.

Investment Products

Borders should not limit your prospects in making investments back home. We offer a gateway for you to make secure and profitable investments effortlessly with guidance from our financial experts.

Fixed Deposit
This is a competitive product which assures the customer a guaranteed rate of return.
Benefits
  • Competitive interest rate
  • Guaranteed rate of return
Standard Requirements
  • There is no qualifying criteria listed for this account.
T-Bills
A high return investment, short term borrowing instrument issued by the Government and sold at a discounted price to reflect the investor's return, and redeemed at face value.
Benefits
  • High returns are earned
  • Short term investment
  • Risk free rate of return
Standard Requirements
  • Must reside abroad
  • Kenyan passport
  • Notarized documentation done by your Embassy, Notary Public, current banker
Stock Market Investment
You will be walked through the stock buying process by a dedicated Diaspora Banking Relationship manager who will assist you in buying and selling shares at the NSE, DSE, USE and Rwanda OTC.
Benefits
  • Participate in rights issues in your home country
  • Buy and sell shares while abroad
Standard requirements
  • Must reside abroad
  • Kenyan passport
  • Notarized documentation done by your Embassy, Notary Public, current banker

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Diaspora Accounts

Saving accounts:

  • Cub Account – a kids savings account with interest earning.
  • Investment Account - an interest earning account to save or use for your investment needs.
  • Tuungane Chama - an investments group (chama) account which earns interest and allows members to access financing as a group or individually.
  • Fixed Deposit – this account allows you to lock your money for a certain tenure in order for it to enjoy an interest rate starting at 7.35% p.a. You can fix your deposits in the following foreign currencies:
    • KES – min 50,000
    • USD – min 5,000
    • GBP – min 5,000
    • EUR – min 5,000
  Transaction accounts:
  • Current Account
  • Transactional Account
  • Student Account
  Accessibility; You can conveniently access your accounts either through mobile banking (KCB App) or through internet banking.

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Islamic Banking Services

The KCB Islamic banking products are innovative shari'ah compliant products as approved by the shari'ah advisory board.
The accounts we offer:

CURRENT ACCOUNTS
  • Non-profit bearing checking account which can be in Kenya Shillings or in any foreign currency available at KCB. It is designed to provide customers with convenient access to their funds through issuance of cheques.
  • Sahl Personal Current
  • Sahl Advantage Current
TRANSACTIONAL ACCOUNTS
  • Accounts that offer secure and frequent access to your funds on demand
  • Sahl Jiinue Account
  • Sahl Bankika Personal Account
  • Sahl Mapato Account
  • Sahl Student Plus Account
  • Sahl Cub Account
SAVING ACCOUNTS
  • Accounts with withdrawal restrictions to enable you to save up for your future plans or for your dream purchases.
  • Sahl Simba Saving
BUSINESS BANKING
  • An attractive, affordable transactional account for small scale traders looking to unlock their business potential.
  • Sahl Boresha Biashara
  • Sahl Bankika Business Account
  • Sahl Business Current Account
  • Sahl Corporate Current Account
  • Sahl School Current Account
  • Sahl Fixed and Short Term Investment Account
FINANCING FACILITIES
  • PERSONAL FACILITIES - Unsecured check-off facility for as low as KES.20, 000 to 4 million
  • WORKING CAPITAL FACILITY - Short term facility given in the form of Over-Drafts given to corporate and business customers for up to 1 year.
  • MORTGAGE - Aid to finance construction and purchase of commercial properties and estates
  • ASSET FINANCE - We offer finance solutions to expand or modernize business/ personal assets. Acquire movable assets, plant, or machinery for current at today's cost without committing valuable capital/Savings.
  • INSTALLMENT SALE - This is a self-securing form of finance which enables you to acquire movable assets, plant or machinery.
  • TRADE FINANCE - This products facilitates local and cross –border activities of corporate and business clients to manage finance operations, liquidity and mitigate risks inherent in trade.
  • LETTER OF CREDIT (IMPORT & EXPORT LCs) - This are letters issued by the Bank at the request of the customer (applicant/importer) where the Bank promises to pay the beneficiary/exporter for goods and services.
  • LPO FINANCING - These are temporary facility's to enable your business close out an order for supply of goods/ services from reputable companies.
  • BILL/INVOICING DISCOUNTING - We offer a written irrevocable undertaking is issued by the bank to pay the beneficiary on demand if customer has not fulfilled contractual obligations.

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Diaspora Mortgage Banking

Owning a home back home is possible with KCB mortgage solutions. We have over 120 years’ experience enabling our customers; individuals, small businesses and corporations to go ahead through our unmatched financial solutions. Our Diaspora mortgage solutions are tailor made allowing you to purchase residential, commercial property and land. We do not stop at the financing, our team of experts and partners offer advice you may need, and do the legwork to ensure you have a diverse and attractive real estate investment portfolio to choose from. We do the heavy lifting tasks to enable us offer you the following services;

  • Access to vetted property developers and agents
  • Management of construction projects (at a small fee)
  • Financing in multi-currency (KES, GBP, USD); for purchase of plots, ready built homes, construction of residential and commercial properties and mortgages plus loans (equity release).
We offer you loans with the best and most competitive interest rates in Kenya:
  • KES - 14%
  • USD - 10.5%
  • GBP - 9%
  • Commercial property - 17%
  • 1. How to apply for financing
    To qualify for our diaspora financing, below are the requirements we would like you to fulfill;
    1. Must reside abroad
    2. Have an active KCB Bank account
    3. Pay slips for the last 3 months
    4. Letter from employer confirming employment status (permanent or contract basis).
    5. An international CRB certificate.
    6. Spousal consent - form provided by KCB*
    If single – sworn affidavit*
    1. Bank statements for the last 6 months on your salary account
    2. KRA PIN
    3. Copies of your Kenyan ID and passport*
    4. 2 passport size photos*
    5. Provide a sale agreement witnessed by a lawyer (It is advisable to appoint a power of attorney in Kenya to sign on your behalf). **
    6. Copy of title to property being purchased/charged (Minimum lease term 35 years)*
    7. Valuation report with photographs of property being financed and/or charged together with certificate of official search from Land Registry (this will be carried out after assessing applicant)*
    8. Filled in insurance form (to be provided by KCB)
      Note: * Should be certified as true copies by a Notary Public. ** For those earning in USD the sale agreement amount must be quoted in USD   The next step is to fill in the mortgage application form HERE.
  • 2. Finance limits
    Our financing limits are based on the property being purchased as detailed below;
    • In major towns, namely: Nairobi, Mombasa, Kisumu, Eldoret, Nakuru, Thika, Machakos, Kajiado, Kiambu, Nyeri and Meru:
      • Purchase or construction of a residential unit - 80%
      • Purchase or construction of income generating property - 70%
      • Construction of Units for Sale (Real Estate) - 85%
      • Plot Purchase - 60%
     
    • Other towns and rural areas:
      • Purchase or construction of residential units – 70%
      • Purchase or construction of income generating property – 60%
  • 3. Repayment periods
    Maximum mortgage repayment periods vary depending on the property being purchased;
    • Salaried Individual borrower’s – 15 years
    • Plot purchase – 5 years
    • Commercial property – 20 years
    • Company/Investment Group/Chama in Kenya – 10 years
    • Rental income in Kenya - 15 years
    • Estate development - 36 months
    • Plot purchase - 10 years
  • 4. Other Related Costs/Closing Costs
    Additional costs borne by the applicant in processing the mortgage back home include:
    • Internal costs (payable to KCB)
    Item Fees Remarks
    Ledger Fees KES 350 for KES loansUSD 5 for forex mortgages Maintenance fee levied on the loan account on a monthly basis
    Appraisal Fees 2.5% of loan amount A one off payment (non – refundable)
     
    • External Costs (payable to approved third parties.)
    Item Fees Remarks
    Valuation Fees First KES 2M at 1%Residue at 0.25% Add: Disbursements and 16% VAT Payable to a valuer in the approved bank’s panel for carrying out a valuation on property.
    Legal Fees 1% - 2% of the loan amount Payable to the approved bank lawyer for legal services.
    Stamp Duty 2%- 4% of cost of property for purchase only. Payable to the Government on transfer of title
    Stamp Duty on charge 0.1% of loan amount Payable to the Government to register the charge
    Insurance: Mortgage Protection Insurance (MPI) 0.42% of loan amount (per person) The premium is paid in full or prorated at the release of funds on a monthly basis and is included in the loan repayment. Hence:·         The benefit of the insurance is that in the event of death of the borrower, the loan outstanding will be paid in full. ·         In the event of total disability of the borrower, the loan outstanding will be repaid in full.
    House Owners Comprehensive Insurance (HOCI) + Social Perils Residential 1.25 per 1000 plus 0.05% of the insurance value The premium is paid in full or prorated at the release of funds on a monthly basis and is included in the loan repayment. In case of damage by fire from all causes, earthquake, floods, aerial devices, and Acts of God. The customer will have the comfort that the house will be restored 100% to the condition it was before the damage
    Retrenchment (for employed) KES 1,500.00 p.a. or KES 125.00 In the event of loss of a job due to retrenchment, loan repayments will be made monthly for nine months.Maximum loan repayment on retrenchment is KES 3M. However, a customer will not be eligible for benefits under the scheme, if: -          They accept voluntary retrenchment. -          Their retrenchment is directly or indirectly attributable to injury, a willful or illegal activity. -          They become unemployed due to misconduct or unsatisfactory performance.
  • 5. Finance process and timelines

    Our mortgage process is detailed as below and may take up to 6 months or more to complete:

    Stage Process No. of Days Description
    1 Preliminary Appraisal 1 The applicant submits all the general requirements and completes a mortgage application form
    2 Instructions of Valuer 7 The applicant selects a valuer from provided list of valuers by the Bank. The bank issues instructions to the valuer to carry out a valuation report.At this point the applicant will be required to pay valuation fees.
    3 Approval process 4-7 After KCB receives a favourable valuation report, the loan is processed and formal approval/offer letter is issued to the applicant. The offer letter is in triplicate. The process takes 4-7 days.
    4 Acceptance of Letter of offer 30 The applicant has 30 days to accept and return the 3 copies of the offer letter for execution by banks power of attorney. At this point the applicant will be required to pay the appraisal fees and initial insurance premiums for mortgage protection insurance and house owner’s comprehensive insurance.
    5 Conveyancing process 1-60 After applicant’s acceptance, KCB issues instructions to the appointed bank lawyers to begin conveyancing of perfection of security documentation.At the point the applicant will pay the stamp duty, stamp duty on charge and lawyer’s fees.NB: It is the responsibility of the borrower to follow up with the conveyancing process, we shall give you the lawyers contacts to enable you do this.
    6 Release / Disbursement Process 14 The funds will be released to the beneficiary within 14 days of receiving the security documents duly perfected. At this point the applicant will be required to:-Have met all drawdown conditions on the offer letter -Clear the lawyers legal fees
    Loan Repayment after 30 days The loan is repayable 30 days after release of funds.A letter advising the customer of the mortgage account number, monthly installments and due date is issued.

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Diaspora Insurance

KCB Diaspora Insurance is designed to cater for all your insurance needs impeccably. Our all-inclusive package includes:

  • Emergency Medical cover
  • Personal Accident cover
  • Inbound Travel cover
  • Death and Funeral cover
Emergency Medical Cover* While travelling back home for short stay visits (up to 30 days), our medical cover offers you protection in the event of unexpected sickness or accident. Also included in the package is;
  • Medical expenses and hospitalization
  • Emergency dental
  • Prescription drugs
  • Medical repatriation – International
*The policy excludes claims for any pre-existing medical conditions Personal Accident Cover The cover provides compensation for; medical expenses, death and funeral expenses, permanent disability, temporary loss of income due to disability arising from injury caused by accident. Inbound Travel Cover This cover ensures you are fully protected from sudden incidents that may occur while travelling back home. Such incidences include;
  • Loss and theft of baggage (single item limit of $250)*
  • Excess on baggage claim
  • Loss or theft of cash and/or travel documents*
  • Travel and baggage delay (after 6 hours)
  • Travel Guard Assistance – Consular referral and transmission of urgent messages
*A written police or carrier report must be provided, in the event of a luggage, cash or documents loss Death and Funeral Cover In the eventuality of death of a premium holder, the cover offers:
  • Return of mortal remains back home
  • Burial expenses
  • Cost of accompanying family members
  • Coffin expenses
  • Funeral expense benefit on named dependents (4 persons)
Eligibility For eligibility, one must;
  • Be a KCB Diaspora account holder
  • Be between the age of 2 years – 71 years
Costs Premium per account holder is $96 per person yearly ($ 8 per month)  

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kcb-islamic-services

Islamic Services

There are specialized, Sheria-compliant products for Islamic Diaspora clients who may bank with the Islamic banking units.Read more

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