The National Bank of Kenya is targeting to grow its balance sheet with large deposits from non-governmental organizations by offering personalized services.
The bank’s chief executive Munir Ahmed said they will offer favorable exchange rates, free internet banking and business club for the sector while targeting the estimated Sh200bn in revenues from donations around the world.
“With over 81 per cent of their funds coming from foreign donations, this firms need special consideration in currency conversion,” NGO Coordination Board chief executive Fazul Mohammed said.
Dubbed ‘Thamani account’, the organizations will get favorable exchange rates, even as the bank grows its foreign exchange income.
The bank’s deposits grew from Sh77 billion in 2013 to 104bn in 2014 with foreign exchange income rising to Sh434mn from Sh309mn.
The sector has attracted controversy with government officials accusing a section of the NGOs for funding terrorism activities. Some have had their bank accounts frozen.
