Commercial Banks in Kenya and the services they offer

  

Date Posted: 4/16/2012 2:35:32 AM

Posted By: sashoo  Membership Level: Silver  Total Points: 382

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COMMERCIAL BANKING IN KENYA.
Kenya has a reasonably sophisticated banking system. Commercial banks account for much of the total deposit in the country. The banks that dominate the commercial banking system in Kenya are:

(i) Barclays Bank

(ii) Kenya Commercial Bank

(iii) Standard Chartered Bank

The National Bank of Kenya Ltd and Cooperative Bank of Kenya have also opened many branches in most areas of the country. The private banking sector too contributes much of the total deposits in commercial banks. These banks engage in the general banking system although some smaller banks tend to be rather specialized in domestic trade and others in import and export finance facilities, offered by Kenya Commercial Banks.

Facilities offered by Kenya Commercial Banks include the following:

1. Money telegraphic transfer by mail.

2. Standing order payments.

3. Foreign exchange transactions services.

4. Issue of traveler’s cheques.

5. Discounting of bills of exchange and promissory notes.

6. Providing documentary credit to overseas trade.

7. Providing credit status information to customers.

8. Offering share brokerage services i.e. buying and selling of shares and stock on behalf of their customers.

9. Operation of safe deposits.

10. Operation of trust departments.

11. Dealing with confidential share purchases.

12. Offering business advisory services.

13. Acceptance of various deposits like fixed and regular deposits.

14. Providing loans and advances.

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