Kenya Post Office Savings Bank

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Kenya Post Office Savings Bank
Company typeState owned
IndustryBanking
Founded1910 (1910)
HeadquartersNairobi, Kenya
Key people
Raphael Lekolool (Managing Director)
ProductsGroup Savings, Savings, Investments, Debit Cards
RevenueKES:1.9 billion (2009)
Total assetsKES:15.4 billion (2009)
Number of employees
500
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 is exempt from tax.[2]

History[edit]

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 Credit Bank NCBA Bank Group and ABSA Bank (Kenya) Stanbic Bank

The bank has also partnered with Premier Credit Ltd and Fincredit Ltd to offer loans to pensioners

Ownership[edit]

As of March 2024, Postbank is a fully owned by the Government of Kenya and reports to the National Treasury.[6]

Governance[edit]

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[edit]

References[edit]

  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". Archived from the original on 12 May 2014. Retrieved 26 May 2014.
  4. ^ Postbank Marks 100 years (1910-2010)
  5. ^ Postbank Marks 100 years (1910-2010)
  6. ^ "About Us - Post Bank". Archived from the original on 27 May 2014. Retrieved 26 May 2014.

External links[edit]

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