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Kenya Post Office Savings Bank

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Kenya Post Office Savings Bank
Company typeState owned
IndustryBanking
Founded1910 (1910)
HeadquartersNairobi, Kenya
Key people
Anne Karanja (Managing Director)
ProductsChecking, Savings, Investments, Debit Cards
RevenueKES:1.9 billion (2009)
Total assetsKES:15.4 billion (2009)
Websitewww.postbank.co.ke

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

History

Postbank 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 breakup 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 agent of MoneyGram, Western Union and Ria Money Transfer and offers Banking agency services for NIC Bank Group and Chase Bank

Ownership

As of December 2013, Postbank is a fully owned by the Government of Kenya and reports to the National Treasury. [6]

Governance

Governance of the bank is vested in the Board of directors and the office of the Managing Director, supported by one Directorate and departments. The bank is wholly owned by the Government of Kenya and reports to the Ministry of Finance. The Government is represented at the board of directors by the Cabinet Secretary, Treasury.

See also

References

  1. ^ CAP. 493B - Kenya Post Office Savings Bank Act
  2. ^ Income Tax Act Cap. 470 First Schedule Part 1
  3. ^ History of Banking in Kenya
  4. ^ Postbank Marks 100 years (1910-2010)
  5. ^ Postbank Marks 100 years (1910-2010)
  6. ^ About Us - Post Bank
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