Type State owned Revenue KES:1.9 billion (2009) Founded 1910 | Industry Banking Headquarters Nairobi, Kenya | |
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Key people Anne Karanja (Managing Director) Products Checking, Savings, Investments, Debit Cards Total assets KES:15.4 billion (2009) Parent organization The Postal Corporation of Kenya | ||
Kenya post office savings bank on the ground perspectives
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. This gives it a unique feature where interest income earned by depositors in exempt from tax.
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History
Postbank was established in 1910, making it possible for Africans to save in the then British East Africa. 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. 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
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.
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.