# Co-op Bank: Investing Options for Diasporans

An episode of [The Mwango Capital Podcast](https://invisiblenetwork.ai/podcast/1583367792), 10 Mar 2025, 39 min.

Audio: https://api.substack.com/feed/podcast/158749674/78e18b4d9adae6bb65b89b27cb3e0d5a.mp3

In this episode recorded on 30.01.2025 and hosted by Nicole Njuguna, we are joined by Co-operative Bank’s Diaspora Banking Manager, Edison Mochiemo, to discuss the top investment opportunities available for diasporans. We cover the various products tailored for them, common challenges encountered, emerging investment trends, and exiting investments. Subscribe to get notified when we make a new post. Show Notes 00:00:00 Introduction 00:01:10 Investment Opportunities Available in Kenya for Diasporans 00:06:38 Common Challenges and Mitigation Strategies 00:15:06 Best Return on Investment Options 00:18:27 Preferential Rates and Incentives 00:20:28 Emerging Investment Trends 00:22:39 Products Tailored for Diasporans 00:25:53 Partnerships 00:27:54 Exiting Investments and Succession Plans 00:34:04 Loans For Investment Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

## Transcript

[0:00] Good evening,
[0:00] ladies and gentlemen,
[0:01] and thank you for making time to join us.
[0:04] SPEAKER_00: My name is Nicole Njuguna,
[0:06] and I'm thrilled to host this exciting conversation on
[0:10] investing options for
[0:12] SPEAKER_00: diasporans in partnership with CoopBank.
[0:15] SPEAKER_00: Today,
[0:15] SPEAKER_00: we're joined by Edison Moshiemo,
[0:18] SPEAKER_00: who is the business development manager at Diaspora Banking at
[0:23] Copbank and he will be giving us actionable insights on how
[0:27] diasporans can explore
[0:29] SPEAKER_00: investment options for them and grow their wealth back home.
[0:33] SPEAKER_00: That will be safe,
[0:35] SPEAKER_00: profitable,
[0:36] hassle-free investment opportunities and things that they can
[0:40] actually look back
[0:41] SPEAKER_00: and see over the years that this worked for them.
[0:44] SPEAKER_00: So Karibusana Edison Moshemo from Copbank,
[0:48] SPEAKER_00: maybe you can just say hello and then we can kick off.
[0:52] SPEAKER_01: Thank you, Nicole.
[0:53] SPEAKER_01: And thank you all for joining this session.
[0:55] SPEAKER_01: We will have a fruitful engagement,
[0:58] SPEAKER_01: informative,
[0:59] SPEAKER_01: and we'll get to learn something at the end of this session.
[1:01] SPEAKER_00: We are definitely looking forward to that.
[1:04] And I know even people here in the 254 are wondering what
[1:07] investment options are here for me.
[1:10] What are the best investment opportunities currently available
[1:13] in Kenya for diasporans?
[1:16] SPEAKER_01: That's a very good question.
[1:17] And I think that is what is usually at the mind of each
[1:20] diaspora customer when
[1:21] SPEAKER_01: they're thinking on what to invest in back home.
[1:24] So we all have our different financial journeys depending on
[1:27] our income levels.
[1:29] SPEAKER_01: There are those who are starting small.
[1:30] SPEAKER_01: There are those who have got heavy muscles financially.
[1:34] SPEAKER_01: So depending on one's position, we've got various options.
[1:37] We've got fixed deposits or cold deposits for individuals who
[1:41] are just starting.
[1:42] SPEAKER_01: They want to put their money for short-term period and get a return.
[1:46] SPEAKER_01: Like fixed deposit, you can start with as low as $50,000.
[1:50] and you're able to place your money and you get a return on a
[1:53] monthly basis.
[1:54] You can put it for a period of one month or a maximum period of
[1:57] 24 months.
[1:59] SPEAKER_01: We also have a call deposit.
[2:01] Now this usually is a good product for people who've got money
[2:05] that they want to
[2:06] invest and they're not able to predict how soon they will need
[2:09] this money.
[2:10] The good thing with the coal deposit is that you're able to
[2:13] uplift it at any time
[2:15] SPEAKER_01: without losing on your interest.
[2:17] SPEAKER_01: So coal deposits,
[2:18] SPEAKER_01: most people who are probably putting their money to get a return,
[2:22] probably they are speculating to do a project which they are
[2:26] really not able to
[2:26] SPEAKER_01: tell the timeframe.
[2:28] SPEAKER_01: So that's an option they can consider.
[2:30] SPEAKER_01: We also have the likes of money market,
[2:32] SPEAKER_01: which again,
[2:33] SPEAKER_01: for people who are starting the investment journey,
[2:36] SPEAKER_01: this is a good vehicle that they can consider.
[2:38] SPEAKER_01: They can start with as low as $2,000.
[2:40] SPEAKER_01: And the good thing with money market,
[2:42] it allows you to build up on your deposits as you earn your
[2:45] interest on a daily basis.
[2:46] So the interest is accrued on a daily basis and payable at the
[2:49] end of each month.
[2:51] And the good thing is that you're also able to get your
[2:53] financial statements for
[2:55] SPEAKER_01: the money market investments every month.
[2:58] SPEAKER_01: There are those who have got heavy muscles financially.
[3:01] They're looking for something that is long term that will give
[3:04] them a good return.
[3:05] SPEAKER_01: So we've got options like the government bonds, the treasury bills.
[3:09] Treasury bills basically allow one to invest for a minimum
[3:13] duration of 91 days and
[3:15] SPEAKER_01: a maximum period of 365 days.
[3:18] So these are also good options that can be considered because
[3:21] they also have a very
[3:22] SPEAKER_01: good return on the money.
[3:23] The treasury bonds,
[3:25] these are long-term investments issued by the government as well.
[3:28] SPEAKER_01: So you're talking about a period of seven years after 20 years.
[3:32] SPEAKER_01: And again, they've got a very good return as well on your moneys.
[3:37] SPEAKER_01: Real estate is also another option,
[3:39] SPEAKER_01: even though it is considered as a traditional way of investment,
[3:42] but it still has got a return on it where people were able to
[3:46] put their monies.
[3:47] But now this requires people who've got heavy muscles
[3:49] financially because it is
[3:51] SPEAKER_01: capital intensive.
[3:52] So that's one option that can also be considered as an
[3:55] investment opportunity back
[3:57] SPEAKER_01: home in Kenya by the diasporians.
[3:59] SPEAKER_00: Thank you very much, Edison.
[4:01] SPEAKER_00: I like that.
[4:02] SPEAKER_00: Five solid investment options for people in the diaspora.
[4:06] And what forms or financial products would you say are
[4:10] recommended for diasporans
[4:11] SPEAKER_00: to invest in securely and efficiently?
[4:15] So securely and efficiently is the key thing that the
[4:19] diasporians will be looking at.
[4:21] Something that gives you an assurance that your money is safe
[4:24] and efficiency in
[4:25] SPEAKER_01: terms of getting a good return on your money.
[4:28] SPEAKER_01: So just like I mentioned in my first point,
[4:31] SPEAKER_01: money markets invest through a credible institution,
[4:35] SPEAKER_01: Taiwan Bank.
[4:37] verified institution just to be sure that you're dealing with
[4:40] the correct people.
[4:41] Fixed deposits again,
[4:43] very good rates for diaspora customer and real estate again.
[4:47] So these are platforms or products that the diasporians can
[4:51] consider securely.
[4:53] SPEAKER_01: Key thing, get a credible institution as to do these investments.
[4:57] SPEAKER_00: Credibility is important.
[4:59] SPEAKER_00: Safety is important.
[5:00] You do not want your hard-earned money to just go to waste
[5:04] simply because something
[5:06] SPEAKER_00: has happened along the way.
[5:07] SPEAKER_00: Now,
[5:08] SPEAKER_00: I know one of the questions you get,
[5:10] SPEAKER_00: Edison,
[5:10] SPEAKER_00: even as we continue,
[5:11] SPEAKER_00: let's talk about the numbers for a bit.
[5:14] SPEAKER_00: What are the rates looking like for the fixed deposit,
[5:17] SPEAKER_00: the coal deposit,
[5:18] SPEAKER_00: for the MMF,
[5:19] SPEAKER_00: for the bonds and bills?
[5:20] And even in terms of real estate,
[5:22] what are the rates looking like for these people?
[5:25] In terms of the rates,
[5:26] actually the rates keep on fluctuating depending on the market forces.
[5:31] SPEAKER_01: If we look at the rates currently, let's talk about money market fund.
[5:36] SPEAKER_01: The current rates are about 11.9, a dip from 13.5.
[5:39] SPEAKER_01: The treasury bills,
[5:43] SPEAKER_01: The 91-day treasury bills have got a rate of 9%, 9.5%.
[5:48] SPEAKER_01: And the longer the duration, the higher the rate.
[5:51] So for those ones who are investing for 365 days,
[5:54] they can get a rate as high as 10.5.
[5:57] SPEAKER_01: The bonds are long-term and usually have a better rate.
[6:01] Currently,
[6:02] the bonds that have been placed in the market have got a rate
[6:05] ranging from 12.5%.
[6:07] SPEAKER_01: Fixed deposit and coal deposit rates.
[6:09] SPEAKER_01: So this year,
[6:11] the rates are usually dependent on the amount that one is
[6:13] investing and the
[6:14] SPEAKER_01: duration you wish to place your deposit.
[6:17] The rates will range from 6% to 11% depending on the amount
[6:21] that one is placing and
[6:23] SPEAKER_01: the duration that they are placing the deposit.
[6:25] SPEAKER_01: Real estate also has got a good return.
[6:28] SPEAKER_01: I think the last research that I saw in an app market,
[6:31] SPEAKER_01: looking at a return of about 12% on your investment.
[6:36] SPEAKER_01: Those are the rates I'm looking at currently.
[6:39] What would you say are the common challenges that diasporans
[6:41] face when investing back home?
[6:43] SPEAKER_00: And how can these challenges be mitigated?
[6:46] SPEAKER_00: Every day we keep on hearing stories.
[6:48] SPEAKER_00: And I know this is a fear that new people have.
[6:51] SPEAKER_00: How can people avoid these challenges even as they invest back home?
[6:56] SPEAKER_01: Yes,
[6:56] SPEAKER_01: this is a story that has been told by many,
[6:58] and I'm sure probably some in this call probably have fallen
[7:02] victim of this.
[7:03] So one of the main challenges is the lack of a credible
[7:05] resource for research.
[7:07] SPEAKER_01: So as co-banker, we usually have financial advisors.
[7:11] SPEAKER_01: relationship managers who are assigned to each diaspora customer,
[7:15] just walk them through the financial journey on investments and
[7:18] guide them so that
[7:19] they don't fall into the traps of fraudulent institutions that
[7:24] would take advantage
[7:25] SPEAKER_01: of them.
[7:25] SPEAKER_01: Those who are investing in real estate,
[7:28] it's good to do your due diligence on the vendor that you want
[7:31] to invest in.
[7:33] And we usually encourage people to do their investments through
[7:37] Taiwan banks.
[7:38] And we encourage the Diaspora customers to ensure that they
[7:41] have their own account.
[7:43] Copbank has simplified the process of onboarding through our
[7:47] digital account
[7:47] SPEAKER_01: opening platform that has simplified this journey.
[7:51] SPEAKER_01: The customer is able to get to our website,
[7:53] SPEAKER_01: access the account opening link,
[7:55] SPEAKER_01: that's through the Diaspora page.
[7:57] SPEAKER_01: And within five minutes, we've got your account number.
[7:59] SPEAKER_01: And again,
[8:00] the good thing is that you are enabled through our online
[8:03] banking platform to
[8:04] SPEAKER_01: access this account from wherever you are across the globe.
[8:07] So you don't need to be sending monies to your friends or
[8:10] relatives or trusted
[8:12] SPEAKER_01: friends to do transactions on your behalf.
[8:14] SPEAKER_01: Probably you're doing a project.
[8:16] You are doing a construction project and you want to send money
[8:18] for some works.
[8:20] You can do it by yourself from wherever you are at the comfort
[8:22] of your house or
[8:23] SPEAKER_01: your office through the online banking platform.
[8:25] You just log in and do the remittance of the monies for
[8:29] whatever project you want to do.
[8:30] So then again,
[8:31] like those ones who are looking to invest in real estate,
[8:34] probably buy a house.
[8:37] SPEAKER_01: We surely encourage you to work through credible banks.
[8:41] SPEAKER_01: Cobbank has got a property hub that enables our diaspora customers.
[8:45] to identify properties back home and we will do all the due
[8:48] diligence for you.
[8:50] We'll go and do a valuation of the property just to ensure that
[8:53] the vendor is not
[8:54] exploiting you so that we're able to understand that this price
[8:57] that is being sold
[8:57] SPEAKER_01: to you is within the market range.
[8:59] SPEAKER_01: And we also have
[9:00] A technical team for those who are interested probably in
[9:03] pursuing construction,
[9:05] we have a technical team that will vet the project team that is
[9:08] working on your
[9:08] SPEAKER_01: project just to identify and make sure that these are qualified people.
[9:13] SPEAKER_01: The person who's doing the drawing, are they qualified?
[9:16] SPEAKER_01: Do they have practicing certificates?
[9:18] If it's the QS who's doing the BQs,
[9:21] again,
[9:21] we have a technical team of experts.
[9:23] SPEAKER_01: We'll analyze to ensure that the costs are not exaggerated.
[9:26] And even the drawings,
[9:28] we check through to ensure that everything checks out.
[9:31] SPEAKER_01: The project that will be constructed stands and will be safe.
[9:35] SPEAKER_01: Know that you're putting an apartment in some place,
[9:37] SPEAKER_01: then within two months or maybe a year,
[9:40] SPEAKER_01: you just start seeing cracks.
[9:41] SPEAKER_01: So again, we encourage you to try and use Bounce.
[9:45] SPEAKER_01: That's for our customers who are able to afford
[9:47] to buy property by cash but they opt to go through the bank way
[9:50] of getting a
[9:51] mortgage because they know that the bank will do the due
[9:53] diligence for them and
[9:55] SPEAKER_01: they will be safe.
[9:56] So those are the options that we can advise our diaspora
[9:58] customers to consider.
[10:00] SPEAKER_00: I'm just wondering,
[10:00] and I know this is one of the questions that will come up even
[10:03] with our audience
[10:04] SPEAKER_00: for the people abroad.
[10:06] What have you seen them struggle with,
[10:08] especially when they're looking for investment options?
[10:11] And I know you had just mentioned that instance where people
[10:15] prefer to buy property,
[10:16] SPEAKER_00: especially real estate via a mortgage vehicle,
[10:20] SPEAKER_00: because they know the bank will do due diligence for them.
[10:23] SPEAKER_00: And that means that the investment is much safer.
[10:26] But what other like situations have you seen maybe your
[10:29] customers struggling with?
[10:31] There are those who look for investment vehicles that will give
[10:35] them a very good return.
[10:37] SPEAKER_01: In the quest of doing that search,
[10:40] SPEAKER_01: they get to fall into traps of,
[10:42] SPEAKER_01: I'll call them their get-rich-quick schemes,
[10:45] SPEAKER_01: which will promise you a very high return on your monies.
[10:48] SPEAKER_01: And you sweep your monies to these institutions,
[10:51] SPEAKER_01: and then after a while,
[10:52] SPEAKER_01: you're not able to trust them.
[10:54] SPEAKER_01: So we've seen people being conned.
[10:56] SPEAKER_01: When the deal is too good, you need to think twice.
[10:58] SPEAKER_01: If you find someone is offering you a return of 20% on your money,
[11:03] SPEAKER_01: whereas if you look at the government papers,
[11:06] SPEAKER_01: the tuition reveals,
[11:07] SPEAKER_01: probably they are at 11%.
[11:09] SPEAKER_01: You need to ask yourself, are these people credible?
[11:13] SPEAKER_01: So this is where the relationship managers come in,
[11:16] SPEAKER_01: your financial advisors at the bank who have been assigned to you,
[11:19] SPEAKER_01: just to guide you.
[11:20] So if probably you get to be approached by someone saying that
[11:24] we'll give you 20%
[11:25] SPEAKER_01: on your money,
[11:27] SPEAKER_01: just do your due diligence,
[11:29] SPEAKER_01: do your research,
[11:30] SPEAKER_01: engage your relationship manager.
[11:32] At times you are in the diaspora,
[11:33] you might not be knowing what is happening here on the ground.
[11:36] So the diaspora relationship managers will be quite helpful to
[11:40] guide you and give
[11:41] you advice about where to invest your money so that you ensure
[11:45] that your money is safe.
[11:47] SPEAKER_00: So what I'm hearing from you is two key things.
[11:51] Safety and credibility ensure that you are dealing with a safe
[11:55] and credible tier one bank.
[11:57] And also I've heard how you have simplified the digital account
[12:02] opening in five minutes.
[12:03] SPEAKER_00: It's quick and easy and simple.
[12:05] And also you have a personalized relationship manager who gives
[12:10] you this advice and
[12:12] SPEAKER_00: assist you throughout running your account.
[12:15] SPEAKER_00: Now,
[12:16] I wanted to talk about the legal or regulatory requirements
[12:20] that diasporans should
[12:22] SPEAKER_00: be aware of when they're investing back home.
[12:25] SPEAKER_00: And also,
[12:25] SPEAKER_00: as you're touching on this,
[12:26] you can touch on the tax implications that they should be aware
[12:30] of when investing
[12:31] SPEAKER_00: back home.
[12:32] SPEAKER_00: So now let's talk legal market and tax.
[12:35] What does that look like for someone who is exploring
[12:37] investment options while
[12:39] SPEAKER_00: they're in the diaspora?
[12:41] I know that is one thing that is always at the top of mind of
[12:43] the diasporians when
[12:44] SPEAKER_01: they're thinking about investing back home.
[12:47] SPEAKER_01: The regulator requires you to have a carry pin for investment.
[12:52] SPEAKER_01: Again,
[12:53] one thing that I want to demystify is that there is no double
[12:56] taxation on the
[12:57] SPEAKER_01: diaspora customer's money.
[13:00] SPEAKER_01: There is...
[13:01] perception that when people send their monies home,
[13:04] they will be taxed again.
[13:06] SPEAKER_01: So this is how it happens.
[13:07] SPEAKER_01: When you're bringing money to invest back home,
[13:10] SPEAKER_01: let's say,
[13:10] SPEAKER_01: for example,
[13:11] SPEAKER_01: you're investing on the bills or the bonds.
[13:14] So the earnings that you get from that investment is what that
[13:17] gets to be taxed.
[13:19] SPEAKER_01: not the entire amount that you've brought home.
[13:22] It's just the earnings that you make from this investment that
[13:26] gets to be taxed,
[13:27] SPEAKER_01: the withholding tax,
[13:28] SPEAKER_01: which is usually a standard tax,
[13:30] SPEAKER_01: over 15% from the income that you've generated from your investment.
[13:35] I think it's good to set that record straight and just to
[13:38] emphasize on the point
[13:39] SPEAKER_01: that there is no double taxation.
[13:41] So we encourage the diasporians,
[13:44] please do not be afraid of remitting your monies back home.
[13:48] SPEAKER_01: There are very good returns back home on your monies.
[13:51] I believe if you make a comparison on probably the interest
[13:55] that you're getting
[13:56] SPEAKER_01: from your monies in your banks abroad compared to what we have here,
[14:00] you'll agree with me that you are getting a good return on your
[14:03] monies back home.
[14:05] You had talked about diasporans being able to make payments
[14:09] directly to projects.
[14:10] Can you tell us how Copbank facilitates the safeguard the money
[14:14] of these investors?
[14:16] We've partnered with various money transfer organizations
[14:19] across the globe just to
[14:21] provide a platform for our diaspora customers to remit their
[14:24] money's home safely,
[14:26] SPEAKER_01: securely and timely at a very minimal cost.
[14:31] SPEAKER_01: Across all continents,
[14:32] SPEAKER_01: we've got partners,
[14:34] SPEAKER_01: money transfer organizations,
[14:36] SPEAKER_01: talk about TamTap,
[14:37] SPEAKER_01: Western Union,
[14:39] SPEAKER_01: MoneyGram,
[14:40] SPEAKER_01: RearMoney.
[14:41] SPEAKER_01: I'm sure these are familiar names, little listeners over here.
[14:45] And the good thing is that you're able to send the monies
[14:48] directly to your bank
[14:50] account or even send to your kins for them to pick up over the
[14:54] counter through our
[14:55] SPEAKER_01: branch network.
[14:56] So we continue to onboard more partners so as to give our
[15:01] diaspora customers a lot
[15:02] SPEAKER_01: of chores through which they can be remitting their monies back home.
[15:07] SPEAKER_00: Now,
[15:07] SPEAKER_00: my next question would be,
[15:09] SPEAKER_00: and I know you get this a lot,
[15:10] which options offer the best return on investment and what are
[15:15] the timeframes
[15:16] SPEAKER_00: looking like?
[15:17] SPEAKER_00: Or phrased differently,
[15:19] which one has a high return and what are the timeframes for
[15:24] that looking like?
[15:26] Yeah,
[15:26] this is something every investor would want to know and to
[15:30] think about.
[15:31] SPEAKER_01: Basically, the longer the duration, the higher the returns.
[15:34] SPEAKER_01: When you look at the bonds,
[15:36] SPEAKER_01: which are usually long term,
[15:37] SPEAKER_01: 7,
[15:38] SPEAKER_01: 15 years to 20 years,
[15:39] SPEAKER_01: they usually have a higher return.
[15:41] SPEAKER_01: Real estate also gives a good return.
[15:44] SPEAKER_01: But then again,
[15:44] SPEAKER_01: this is an investment that requires a lot of capital,
[15:48] SPEAKER_01: but it gives a very good return long term.
[15:51] So again,
[15:51] depending on one's financial muscle,
[15:54] money market is also a good option.
[15:56] SPEAKER_01: And like I mentioned,
[15:57] the interest is calculated on a daily basis and it's payable
[16:01] monthly and the
[16:02] SPEAKER_01: interest is compounded.
[16:03] So this is also another good option that is available that
[16:06] gives a good return.
[16:07] We also give preferential rates to our diaspora customers on
[16:11] our fixed deposits.
[16:12] able to negotiate for them a rate if they are putting it for a
[16:15] longer period.
[16:16] And we give very attractive rates as a cop bank on investment
[16:20] on fixed deposits.
[16:21] So those are some of the investment vehicles that they will
[16:24] consider for a good return.
[16:26] Apart from having a personal relationship manager or offender
[16:31] who guides you in
[16:32] terms of your investment options and helps you just run things
[16:36] for diasporans who
[16:37] SPEAKER_00: are interested in treasury bills and bonds,
[16:40] SPEAKER_00: what guidance or tools do you give them?
[16:42] SPEAKER_00: You can also touch on the risk and the returns,
[16:46] SPEAKER_00: especially when you invest in the government securities as a diaspora.
[16:50] Treasury bills,
[16:51] if I may mention,
[16:53] are short-term compared to Treasury bonds.
[16:56] SPEAKER_01: Minimum duration is 91 days.
[16:59] SPEAKER_01: Maximum is 365.
[17:01] SPEAKER_01: As Cobbank, we are able to facilitate our customers to invest in this.
[17:07] SPEAKER_01: So there's an option of investing directly through Central Bank,
[17:10] SPEAKER_01: where they will get to download the app.
[17:14] SPEAKER_01: and then do the bidding,
[17:16] SPEAKER_01: they get the results,
[17:17] SPEAKER_01: and then they advise the bank to make the payments.
[17:20] SPEAKER_01: But those customers who probably do not have time to go through this,
[17:23] SPEAKER_01: they just want the bank to do everything for them.
[17:25] SPEAKER_01: So we're able to do that.
[17:27] SPEAKER_01: We come in as the agents and facilitate that.
[17:30] So they'll need to have a bank account with us and place their
[17:33] monies in that bank account.
[17:35] SPEAKER_01: So minimum investment on a T-bill and T-bonds is usually $50,000.
[17:41] SPEAKER_01: So again,
[17:42] SPEAKER_01: depending on the duration the customer is interested,
[17:45] SPEAKER_01: we'll give them forms which they'll fill and share back to us.
[17:48] And we'll be able to invest on these papers on their behalf and
[17:52] share with them
[17:54] SPEAKER_01: confirmation advice,
[17:55] SPEAKER_01: indicating to them how much has been invested,
[17:57] SPEAKER_01: for what period,
[17:58] SPEAKER_01: and what is the expected return on their money.
[18:01] SPEAKER_01: So as this matures,
[18:03] the funds are usually credited back to their bank account and
[18:07] we get to notify them.
[18:08] SPEAKER_01: If they're interested in renewing further,
[18:10] SPEAKER_01: we'll get them on what are the market rates at that time.
[18:13] And then if they wish to renew,
[18:15] we again go ahead and facilitate that for them as well.
[18:19] You had earlier mentioned giving preferential rates to your
[18:23] diaspora investors.
[18:26] SPEAKER_00: Yes.
[18:26] SPEAKER_00: Please touch further on that.
[18:27] Let's talk more about the special incentives or benefits for
[18:31] diaspora investors
[18:32] SPEAKER_00: that you're giving compared to local investors.
[18:36] For diaspora customers,
[18:37] they usually remit their monies in a foreign currency.
[18:41] SPEAKER_01: So we've got our accounts that are available in all the major currencies.
[18:45] SPEAKER_01: They can be able to open a counter in the USD,
[18:48] SPEAKER_01: in GBP,
[18:49] SPEAKER_01: in Euro,
[18:50] SPEAKER_01: Canadian dollar,
[18:51] SPEAKER_01: Australian dollar.
[18:53] SPEAKER_01: And whenever they send monies,
[18:55] SPEAKER_01: if they wish to exchange that money,
[18:57] SPEAKER_01: we usually give them a higher exchange rate,
[19:00] SPEAKER_01: higher than the day's counter rate by about a margin of about two,
[19:04] SPEAKER_01: depending on what the counter rate is.
[19:07] SPEAKER_01: So again,
[19:08] SPEAKER_01: for the fixed deposit,
[19:09] SPEAKER_01: the preferential rates are also there for the diaspora customer.
[19:13] SPEAKER_01: We usually try to make it higher than the normal counter rate,
[19:18] depending on the amount that is being fixed and the duration
[19:22] that they wish to
[19:22] SPEAKER_01: place the deposit with us.
[19:24] SPEAKER_01: For fixed deposits,
[19:26] SPEAKER_01: we can go as high as 10.5%,
[19:29] SPEAKER_01: depending on the amount and duration for diaspora customers.
[19:34] So talking about the benefits or the special packages or
[19:39] tailor-made products that
[19:40] SPEAKER_01: we have for diaspora customers,
[19:42] SPEAKER_01: other than the preferential rates on the deposits and the exchange rates,
[19:47] SPEAKER_01: we also give them good rates on mortgage.
[19:51] SPEAKER_01: We have partnered with the Kenya Mortgage Refinance Corporation,
[19:54] SPEAKER_01: KMRC,
[19:55] and opened it up to a diaspora customer to acquire mortgages to
[20:00] acquire residential
[20:01] SPEAKER_01: property back home at a very good rate of 9.5%,
[20:06] SPEAKER_01: which is a fixed rate for the term of this mortgage.
[20:09] SPEAKER_01: So even if there are market factors that affect the market rate,
[20:13] SPEAKER_01: once they sign up for this,
[20:14] SPEAKER_01: it will be fixed 9.5% until maturity.
[20:18] SPEAKER_00: Interesting.
[20:19] I hope our audience has heard about preferential rates and
[20:23] treatments that you're
[20:24] SPEAKER_00: giving to them.
[20:25] SPEAKER_00: At least it makes the investments even better.
[20:28] SPEAKER_00: Now, I want us to talk about emerging investment trends.
[20:32] So what emerging investment trends do you think diasporans
[20:36] should keep an eye on?
[20:38] SPEAKER_01: As a bank, we are leveraging on technology.
[20:41] SPEAKER_01: Like I mentioned earlier on,
[20:42] we have digitalized the account opening process for our
[20:45] diaspora customer.
[20:47] SPEAKER_01: This is a new thing in the banking sector.
[20:49] SPEAKER_01: I know most diaspora customers who are on this call will agree with me.
[20:53] SPEAKER_01: For those who have probably tried to open accounts,
[20:55] they've been subjected to a very rigorous exercise of where
[20:59] they have to receive
[21:00] SPEAKER_01: forms on PDFs.
[21:02] They have to print them,
[21:03] fill them up,
[21:04] go look for a notary public to witness the documents.
[21:08] SPEAKER_01: They get to be charged for that.
[21:09] SPEAKER_01: They have to book an appointment depending on the country where they are.
[21:13] All that,
[21:14] it's really discouraged our customers in opening accounts back home.
[21:19] SPEAKER_01: Like I can tell you,
[21:20] SPEAKER_01: we have over 3 million customers in the diaspora,
[21:23] SPEAKER_01: but in the banking sector back home,
[21:26] SPEAKER_01: we've got less than 200,000 account holders.
[21:29] SPEAKER_01: So you can imagine the other number,
[21:31] SPEAKER_01: if probably you get to engage them,
[21:33] they will tell you the journey of opening an account back home
[21:36] is not that easy.
[21:38] SPEAKER_01: So again,
[21:38] we've tried to make that process so a customer is able to open
[21:43] their account
[21:43] digitally so that they're able to put in their monies for their investments.
[21:48] SPEAKER_01: So that is a new thing that is happening.
[21:50] We've also seen Central Bank come up with an app through which
[21:53] the Diaspora
[21:54] customers are able to invest in the treasury bills and the
[21:57] treasury bonds.
[21:58] It's called the Doe Portal,
[22:00] which is available on the App Store or Play Store,
[22:03] downloadable.
[22:04] And the Diaspora customers are able to set themselves up and
[22:07] they're able to do the bidding.
[22:09] SPEAKER_01: They're able to see what is on offer,
[22:11] SPEAKER_01: the T-bills or the T-bonds,
[22:13] and they're able to make the decision on where to invest and
[22:16] how much they want to invest.
[22:17] So these are some of the trends that we've been leveraging
[22:21] technology just to
[22:23] tailor-made more products that speak to the needs of our
[22:26] diaspora customer.
[22:27] And all this we do based on the feedback that we receive from
[22:31] our customers in the diaspora.
[22:33] And we always encourage them to continue sharing with us what
[22:35] they think we can do
[22:36] SPEAKER_01: to improve our offering to them.
[22:38] SPEAKER_00: I like that response,
[22:40] that you do everything you can to make sure that you're
[22:43] bettering your services to them.
[22:45] Would you say that there are investment products that are
[22:47] specifically tailored for
[22:49] SPEAKER_00: diasporans by banks,
[22:51] SPEAKER_00: circles,
[22:52] SPEAKER_00: or financial institutions?
[22:54] SPEAKER_00: And specifically for Corp Bank,
[22:55] do you have specific investment products that are tailored
[22:59] specifically for diasporans?
[23:02] SPEAKER_01: As scope bank, we really value our diaspora customer.
[23:06] That's why we have set up a diaspora banking unit that
[23:10] comprises of about 17 staff
[23:12] SPEAKER_01: members dedicated to serving the diaspora community.
[23:16] SPEAKER_01: And we always work around the clock to listen to them,
[23:20] SPEAKER_01: tailor make our products just to speak to their needs.
[23:24] So we do have various offerings that have been specifically
[23:28] tailored to meet the
[23:29] SPEAKER_01: needs of the diaspora customer.
[23:31] So in talking about insurance,
[23:33] we've got what we call an last expense insurance.
[23:36] This comes in in cases of bereavement and it caters for the
[23:41] cost of repatriations
[23:42] SPEAKER_01: of the bodies back home.
[23:44] SPEAKER_01: And all funeral expenses are usually taken care by this.
[23:48] SPEAKER_01: We've got medical insurance again available for our diaspora customers.
[23:53] SPEAKER_01: It allows them to take medical covers for their kids back home,
[23:56] SPEAKER_01: their parents,
[23:58] SPEAKER_01: so that while they're there abroad,
[24:00] SPEAKER_01: they have that peace of mind that my kids,
[24:03] SPEAKER_01: my parents are well covered.
[24:05] In case of any emergency,
[24:07] they just utilize the medical cover that is available.
[24:11] We've developed and mentioned about the mortgage at 9.5% for
[24:16] our diaspora customers.
[24:18] So I'd really like to encourage our diaspora customers to take
[24:21] advantage of that.
[24:22] I just mentioned that as a diaspora customer,
[24:25] you are able to borrow back home.
[24:29] SPEAKER_01: using your income that you earn abroad.
[24:31] SPEAKER_01: So we're able to finance you to acquire a property back home,
[24:34] SPEAKER_01: appraising you based on your income that you're earning abroad.
[24:37] So you do not necessarily need to have bank with us for us to
[24:40] consider you for that.
[24:41] SPEAKER_01: Even if you don't have a bank account,
[24:43] SPEAKER_01: we can still finance you at the same time,
[24:46] SPEAKER_01: open that bank account for you with us.
[24:49] SPEAKER_01: So we also have got personal loans available for Diaspora,
[24:54] SPEAKER_01: loans for medical,
[24:55] SPEAKER_01: school fees,
[24:57] SPEAKER_01: and even acquisition of a motor vehicle back home.
[25:00] So these are some of the products that we've developed just to
[25:03] speak to the
[25:04] SPEAKER_01: Diaspora customer needs.
[25:05] SPEAKER_01: For Circles, we've got a solution called Pay2Forsa.
[25:09] SPEAKER_01: This is specifically for Corp Bank,
[25:12] a very unique offering that is being offered by Corp Bank to
[25:15] Circos that enables
[25:16] them to have their members remit their monthly savings to the
[25:20] bank account.
[25:21] SPEAKER_01: And it helps in reconciliations.
[25:23] SPEAKER_01: This has been a big nightmare for Circos,
[25:26] reconciliation of members' contribution because they're not
[25:28] able to tell whose
[25:29] SPEAKER_01: money has been remitted.
[25:32] This offering enables them to be able to reconcile easily
[25:36] whereby they're using the
[25:37] member's number as a reference narration to identify who has
[25:41] made the contribution.
[25:42] SPEAKER_01: And we continue to improve on our offering every day.
[25:45] So we encourage the diaspora customer to share with us feedback
[25:48] again on areas that
[25:49] they think we can improve just to make it easier for them to
[25:52] bank back home.
[25:53] SPEAKER_00: Edison,
[25:54] I want to talk about the stakeholder partnership framework that
[25:58] exists within the
[26:00] SPEAKER_00: different investment options.
[26:03] So like I know for real estate,
[26:04] you had mentioned that you have partnered with KMRC.
[26:08] SPEAKER_00: And in terms of even just securing financial transactions,
[26:12] SPEAKER_00: you have partnered with various interpartners,
[26:14] SPEAKER_00: like in terms of fixed deposits,
[26:16] SPEAKER_00: the coal deposits,
[26:17] SPEAKER_00: the MMF,
[26:18] SPEAKER_00: and in terms of the bonds and the bill.
[26:21] SPEAKER_00: Across these investment options,
[26:24] Touch on the partnership frameworks that exist in the natural
[26:28] KMRC for real estate.
[26:30] SPEAKER_01: As a Corp Bank,
[26:31] we've got an investment arm of the bank called the Corp Trust
[26:35] Investment that helps
[26:37] to facilitate investments on the treasury bills and the
[26:41] treasury bonds on behalf of
[26:42] SPEAKER_01: our diaspora customer.
[26:44] SPEAKER_01: We also have a subsidiary within the bank called the Kingdom Security.
[26:48] So what the Kingdom Security does is that it helps our
[26:51] customers in investments in
[26:54] SPEAKER_01: shares and equities where they're able to facilitate investment.
[26:57] SPEAKER_01: Opening of the CDS account,
[26:59] SPEAKER_01: immobilization of shares,
[27:01] and also follow up on any unclaimed dividends for the shares
[27:05] that they've invested in.
[27:07] SPEAKER_01: On real estate,
[27:08] SPEAKER_01: again,
[27:08] I can mention that I partner with the various property
[27:11] developers that have been vetted.
[27:14] SPEAKER_01: and are credible just to help our diaspora customers.
[27:18] Now this is through our property hub to enable our diaspora
[27:21] customer identify
[27:23] SPEAKER_01: property to invest back home in.
[27:25] So you're talking about land,
[27:27] residential houses,
[27:28] commercial houses,
[27:30] all this.
[27:31] SPEAKER_01: And when it's through that partnership,
[27:34] the essence is basically to ensure that due diligence has been
[27:38] done by the bank so
[27:39] SPEAKER_01: that
[27:39] SPEAKER_01: If this is referred by a co-banker through a property hub,
[27:43] the customer will have that peace of mind that this is a
[27:45] credible property,
[27:47] SPEAKER_01: due diligence has been done,
[27:48] SPEAKER_01: and everything is clean.
[27:50] SPEAKER_01: So there's no risk of them losing their monies on their investments.
[27:53] SPEAKER_00: Thank you for that.
[27:54] SPEAKER_00: I wanted to talk about cashing out investments and succession plans.
[27:59] What are some of the best practices for exiting investments
[28:04] back home when you're
[28:05] SPEAKER_00: looking to either diversify or cash out?
[28:09] SPEAKER_01: First of all,
[28:10] we usually encourage each customer who is into investment to
[28:14] ensure that they have
[28:16] SPEAKER_01: a bank account locally.
[28:18] When your investments mature,
[28:19] they need to be paid back through a bank account.
[28:22] SPEAKER_01: So most of these investment vehicles are not able to remit the monies.
[28:26] SPEAKER_01: to your bank account abroad.
[28:28] SPEAKER_01: So it's safe and good to have a bank account locally.
[28:31] SPEAKER_01: Again,
[28:32] SPEAKER_01: we have,
[28:32] SPEAKER_01: like I mentioned about our property hub,
[28:35] SPEAKER_01: offers a key and range of properties available in different prices,
[28:40] different areas across the country where you can consider to
[28:43] make an investment on
[28:45] SPEAKER_01: your monies.
[28:46] SPEAKER_01: And again, looking to diversify, there's an option of money market.
[28:50] SPEAKER_01: Money market has got a very good return.
[28:53] SPEAKER_01: And the good thing with money market is that
[28:55] SPEAKER_01: You can call it off and within a day or two,
[28:58] you get your monies back with the interest accrued to that debt
[29:02] that you're calling
[29:03] SPEAKER_01: it off.
[29:04] And in terms of diasporans setting up construction plans for
[29:09] their investments in
[29:10] SPEAKER_00: order to benefit future generations,
[29:13] SPEAKER_00: what does this look like?
[29:14] SPEAKER_00: Please tell us about that.
[29:16] SPEAKER_01: Just to mention about,
[29:17] SPEAKER_01: it's good that we mentioned about for the future generation,
[29:20] we usually encourage the diaspora customers to consider having
[29:25] bank accounts for
[29:26] SPEAKER_01: their kids as well.
[29:27] SPEAKER_01: At Copank,
[29:28] SPEAKER_01: we have an offering for opening account for children,
[29:32] SPEAKER_01: for their kids,
[29:33] SPEAKER_01: and once the kid turns home,
[29:35] SPEAKER_01: the age of 18, this account is transferred to them.
[29:39] SPEAKER_01: They're introduced by the parent.
[29:40] So once they've acquired the identification,
[29:42] the account is transferred to them.
[29:44] And they've already been developed through that saving culture
[29:48] at the younger age.
[29:49] SPEAKER_01: So by the time they're getting to
[29:52] SPEAKER_01: 18 years, they know they have a bank account.
[29:54] SPEAKER_01: That culture of saving has already been calculated into them.
[29:57] SPEAKER_01: In terms of succession,
[29:59] this is more of a conventional legal process whereby you're
[30:03] able to have next of
[30:05] SPEAKER_01: kin options for your account.
[30:07] SPEAKER_01: I think there's an option of having a will.
[30:10] I don't know if I got your question right when you mention
[30:12] about succession.
[30:13] SPEAKER_01: Succession in case of bereavement, something like that.
[30:18] SPEAKER_00: Yes.
[30:18] SPEAKER_01: Okay.
[30:19] SPEAKER_01: So they're able to have a will.
[30:20] SPEAKER_01: This is signed through their lawyers.
[30:22] SPEAKER_01: And also the bank has got its own.
[30:24] SPEAKER_01: For those who have not probably signed up a will,
[30:27] we're able to go through the process of succession through
[30:31] local authorities.
[30:32] SPEAKER_01: Depending on the amount that is available on the account,
[30:35] SPEAKER_01: we can do it through the deputy county commissioners or the high court,
[30:40] SPEAKER_01: depending on the amount that is available.
[30:42] So there's a streamlined process outlined that guides this
[30:45] process in the bank,
[30:48] The succession is done properly and the benefits go to the
[30:52] intended and the correct beneficiary.
[30:56] In the event that an investor has set up their account and
[31:00] maybe no one back at
[31:02] SPEAKER_00: home knows about it,
[31:04] SPEAKER_00: what happens in such a case?
[31:06] SPEAKER_00: Because that is a familiar thing,
[31:08] who will have investments and their family back at home may not
[31:11] have knowledge or
[31:12] SPEAKER_00: awareness of that.
[31:13] SPEAKER_00: So then what happens in such a case or instance?
[31:17] SPEAKER_01: Copbank,
[31:18] SPEAKER_01: whenever you're setting up on the application,
[31:21] there's a mandatory field where you need to put contacts of an
[31:25] alternative person.
[31:27] SPEAKER_01: So in such cases,
[31:29] SPEAKER_01: first of all,
[31:30] SPEAKER_01: the bank will notice that the account has gone dormant for a while,
[31:33] SPEAKER_01: no activities.
[31:35] SPEAKER_01: So we'll try to reach out to the customer.
[31:37] SPEAKER_01: If you're not able to reach them out through the provided contacts,
[31:41] SPEAKER_01: we'll now try to reach out through the alternative contacts,
[31:44] SPEAKER_01: person provided.
[31:46] SPEAKER_01: And I think through that engagement,
[31:48] any events that have occurred will come out clearly and the
[31:51] bank will be able to
[31:52] SPEAKER_01: guide on the next process of succession at that point.
[31:57] SPEAKER_01: So we always ensure that an alternative contact has been provided.
[32:01] And this alternative contact does not necessarily mean that
[32:04] this will be the next of kin.
[32:06] SPEAKER_01: So that is at Copan.
[32:08] Just outline for us what that process looks like and maybe how
[32:12] you go about it further.
[32:13] Okay.
[32:14] SPEAKER_01: In case of bereavement and able to reach out to the family,
[32:17] the first thing we'll need to ascertain the bereavement where
[32:22] we'll ask provision
[32:23] SPEAKER_01: of a death certificate.
[32:26] SPEAKER_01: Once that is provided to the bank,
[32:27] the bank account or any investment vehicle that the customer
[32:32] had interest in,
[32:34] SPEAKER_01: will be marked.
[32:35] SPEAKER_01: Caveat will be placed on each side that no transaction can take place.
[32:38] SPEAKER_01: So at this point,
[32:39] we get to advise the kins or the family or whoever will be able
[32:45] to reach out on the
[32:46] SPEAKER_01: process where they need now to go to the high court or the deputy county
[32:50] commissioner's office that they'll be able to start the process
[32:53] from there.
[32:54] SPEAKER_01: These are due diligence that will be done by the authorities.
[32:57] It was certain who are the real or the correct beneficiaries or
[33:02] next to kin for the
[33:03] SPEAKER_01: particular deceased customer.
[33:05] SPEAKER_01: So at that point, instructions will be issued to the bank.
[33:09] SPEAKER_01: And so this person will act as the administrator,
[33:11] the office of the deputy county commissioner or the high court
[33:15] and administrator
[33:16] SPEAKER_01: will be appointed.
[33:17] And then they will give us instructions on who the payments
[33:21] will be made to after
[33:22] SPEAKER_01: they've done the due diligence.
[33:24] SPEAKER_00: I like that you keep stressing on due diligence.
[33:27] SPEAKER_00: Now, I can see a question here from the audience.
[33:30] SPEAKER_00: And the question is, what is the mortgage KMRC funding limit?
[33:34] SPEAKER_00: So what does this look like?
[33:36] The intention of the partnership KMRC and Cobank was to help
[33:41] Kenyans afford a home.
[33:44] SPEAKER_01: The cost of mortgage in the country has been quite high.
[33:47] So through this partnership,
[33:48] they're helping Kenyans to acquire affordable housing.
[33:52] So there's a cap that has been set to 10.5 million that
[33:57] customers are able to benefit from.
[34:00] SPEAKER_01: And this is for acquisition of a residential house.
[34:02] SPEAKER_01: So the limit is 10.5 million.
[34:04] SPEAKER_00: And even as we come to an end,
[34:07] what do the loaning terms and conditions look like for
[34:11] diasporans who are looking
[34:13] SPEAKER_00: for investments?
[34:14] SPEAKER_00: Please touch on instances where someone in the diaspora may want a loan.
[34:18] SPEAKER_00: What does the process look like?
[34:20] SPEAKER_00: What should they consider?
[34:21] SPEAKER_00: What does the bank consider?
[34:23] Just touch on the process of a diaspora looking for a loan for
[34:27] investment from the bank.
[34:28] SPEAKER_01: I know everyone is probably eager to hear a response to this.
[34:33] So the first thing,
[34:34] they need to have identified their property of interest back home.
[34:39] Again,
[34:39] I insist that the financing is for property that is acquired
[34:43] back home.
[34:44] SPEAKER_01: So they need to identify a property.
[34:46] SPEAKER_01: So we will do a pre-appraisal of their limit.
[34:49] SPEAKER_01: So in this case,
[34:50] SPEAKER_01: we'll ask them to give us their income documents,
[34:53] SPEAKER_01: payslips,
[34:54] SPEAKER_01: and bank statement where the salary is paid through.
[34:57] SPEAKER_01: So we'll do a quick run just to analyze their incomes and cash flows.
[35:02] SPEAKER_01: So at that point,
[35:03] SPEAKER_01: we're able to get back to them and say,
[35:05] SPEAKER_01: from your income,
[35:07] SPEAKER_01: you are eligible to a limit of this amount.
[35:10] SPEAKER_01: So they're able to analyze and see if it's within their budget.
[35:14] SPEAKER_01: And if everything checks out,
[35:15] SPEAKER_01: now we begin the process where we give them the application form,
[35:18] SPEAKER_01: which they get to fill and share back to us on soft copy.
[35:22] SPEAKER_01: So we'll not ask them to...
[35:24] courier the physical document and once they share the documents
[35:29] back to us of
[35:30] course we'll do the callback just to verify everything and then
[35:34] within four to
[35:35] seven working days we have an approval for an application if
[35:39] it's successful if
[35:40] everything checks out and then we get to issue an offer letter
[35:44] to the customer
[35:45] stipulating the terms of the borrowing so here is where we
[35:49] mention what the
[35:50] SPEAKER_01: interest rate is what the the
[35:52] SPEAKER_01: payment period, we usually give up to a maximum of 180 months.
[35:57] SPEAKER_01: And again, we mentioned what would be the monthly payment.
[36:00] SPEAKER_01: So once they accepted the offer,
[36:02] SPEAKER_01: they've signed the offer letter and it has been witnessed,
[36:05] SPEAKER_01: they share back for us to progress to the next stage.
[36:07] So the next stage is whereby the bank will facilitate valuation
[36:11] of a property.
[36:12] SPEAKER_01: So this is where the due diligence kicks in.
[36:14] The bank has got a list of valuers in the bank's panel who have
[36:18] been vetted.
[36:20] and are credible so the bank will assign a value within the
[36:23] panel just to go and do
[36:25] checks and due diligence on the property just was certain that
[36:30] the selling price is
[36:32] in the market range the total deed is legit it's not tied to
[36:36] any bank and also just
[36:39] to check if there's any caveat that has been placed by the land
[36:42] registry on that
[36:43] SPEAKER_01: particular property so they share the report to the bank
[36:46] SPEAKER_01: And then we begin the process of what we call conveyancing.
[36:50] So conveyancing is a process that involves the legal team and
[36:53] the land registry.
[36:54] And it basically involves the transfer of ownership of this
[36:58] property from the
[36:59] SPEAKER_01: vendor to the borrower.
[37:01] SPEAKER_01: And the bank gets to register its interest on that property.
[37:04] SPEAKER_01: So once that has been completed,
[37:06] SPEAKER_01: that's where the bank gets to release the monies to the vendor.
[37:09] The beauty of this process is that no cent will be released
[37:13] until the transfer has
[37:15] SPEAKER_01: been successfully done to the buyer's name.
[37:18] SPEAKER_01: So that's how the process looks like, Nicole.
[37:20] SPEAKER_00: That has been Mr.
[37:22] SPEAKER_00: Edison Moshiemo from Copbank,
[37:24] SPEAKER_00: business development manager,
[37:26] SPEAKER_00: talking to us about investment options for people in the diaspora.
[37:30] SPEAKER_00: If you know anyone who is in the diaspora,
[37:32] kindly share with them this space and they can look for
[37:36] something that will benefit them.
[37:37] Even though you're in Kenya as well and you'd like to grow your
[37:41] wealth safely in a
[37:42] SPEAKER_00: hassle-free way,
[37:43] please just reach out to Copbank as well and find out how you
[37:47] can grow your wealth.
[37:49] Thank you very much for that insightful session that has been
[37:53] Edison Moshemo from
[37:55] SPEAKER_00: Corp Bank talking to us about investment options for the diaspora.
[37:59] SPEAKER_00: And the thing is,
[37:59] SPEAKER_00: although these investment options qualify for people in the diaspora,
[38:04] SPEAKER_00: even you here in Kenya can take part in some of this.
[38:07] SPEAKER_00: So please reach out to Corp Bank, reach out to Edison as well.
[38:11] and find out how you can grow your wealth in a safe,
[38:15] secure,
[38:16] and hassle-free way.
[38:17] SPEAKER_00: Initially,
[38:18] we had talked about being able to certify that the people that
[38:21] you're dealing with
[38:22] SPEAKER_00: are credible.
[38:22] SPEAKER_00: So kindly make sure to do that and keep following Mwango Capital.
[38:27] Thank you very much to our host,
[38:29] Mwango Capital,
[38:29] for making this possible.
[38:31] Mwango Capital is your trusted economics and business news
[38:35] source for producing
[38:36] SPEAKER_00: contact-based reports and analysis across the business and economics.
[38:42] SPEAKER_00: Thank you very much for joining us.
[38:43] SPEAKER_00: Have a good night and God bless.
[38:46] SPEAKER_00: My name is Nicole Njiguna and I'm happy to have facilitated this session.

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