Post Bank wants its legal framework amended

By Fredrick Obura

The Government has been urged to amend and review Kenya Post Office Savings Bank’s legal framework to pave way for a level playing field in the sector.

Chairman Wilson Kinyua said the review would help Post Bank meet expectations of its 1.2 million customers.

"The review of our mandate would spur commitment in providing our customers and other Kenyans with savings facilities and opportunities to contribute to the country’s medium and longer term objectives of raising the savings to Gross Domestic Product ratio from 17 to 25 and 30 per cent as articulated in Vision 2030," he said.

Speaking during a flag-off marking the bank’s 100 years in business, Nyambura Koigi, the Bank’s Managing Director thanked the Government for allowing it to deal in foreign exchange.

"Today as we start our first activity of celebrating ‘A Century of wealth creation through savings,’ we aim high in the restructuring of the bank to offer more services to our customers," she said.

Customer deposits

The bank has been able to accelerate growth in customer deposits by adopting a new service delivery technology platform, which facilitates fast service to busy customers.

The bank offers paperless banking services through the use of the Point of Sale Terminals at all teller locations across its 129 branches and agent locations.

Through the use of the bank’s automated teller machines and those of partner institutions like Kenswitch and Pesapoint, Postbank customers have access to more than 650 ATMs at service points in addition to the 92 branches.