Kenya Post Office Savings Bank

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Kenya Post Office Savings Bank
Type State owned
Industry Banking
Founded 1910
Headquarters Postbank House
Banda Street
Nairobi, Kenya
Key people Dr. Nyambura Koigi
Managing Director
Products Checking, Savings, Investments, Debit Cards
Revenue KES:1.9 billion (2009)
Total assets KES:15.4 billion (2009)
Website Homepage

Overview[edit]

Kenya Post Office Savings Bank, often referred to as Post Bank, is a commercial bank in Kenya. Unlike other commercial banks in Kenya that are licensed and regulated by the Central Bank of Kenya, Post Bank is regulated by the Kenya Post Office Savings Bank Act Cap 493B [1] Another unique feature of Post Bank is that any interest income earned by depositors in exempt from tax [2]

History[edit]

Post Bank is a small retail bank in Kenya, East Africa's largest economy. The bank was established in 1910, making it possible for Africans to save in the then British East Africa.[3] The accounts in East African rupee. By 1931, the institution offered similar services East Africa and one could use their account from anywhere in Kenya, Tanzania and Uganda.[4] This continued till the break up of the East African Community in 1977 after which the Bank focused its attention to the Kenyan market. In 2010, the bank celebrated 100 years of existence showcasing its achievements over the years[5]

The bank is an active member of MoneyGram, Western Union and offers Banking agency services for NIC Bank Group and Chase Bank

Ownership[edit]

As of December 2013, Post Bank is a fully owned by the Government of Kenya and reports to the Ministry of Finance. [6]

Governance[edit]

The bank's running is overseen by the Board of directors and the office of the Managing Director, supported by Directorates and departments.

External links[edit]

See also[edit]

References[edit]