ZB Bank has announced a set of new products; including Kesto. Kesto is being described as a diaspora hub “providing tailor-made solutions” to Zimbos living abroad.
Here’s a list of what diasporans signing up can look forward to with this service;
- Ability to send money back home;
- building back home;
- Investing in Zim;
- purchasing & delivering groceries;
- Life insurance;
According to ZB, clients in the diaspora will be assigned “relationship managers helping them achieve their goals through selected partners”.
Based on research into our customers’ needs and the reason they transact, ZB has gone beyond simply offering to open a bank account, provide loan facilities or finance projects but has invested in building a service hub with strategic partners.Ron Mutandagayi – ZB Bank CEO
Kesto Hub reminds me of Steward Bank Square World – launched a few years ago. The banks are in desperate need of forex (just like any other local business really). Kesto will allow ZB Bank to tap into Zimbabwe’s remittance.
Considering that from January to July close to half a billion (US$) has been sent to Zim as remittances, it’s no surprise that ZB wants in. The rest of the services offered on the Kesto Hub revolve around that same concept of ZB offers a service – charges a commission and pockets some precious forex. I checked on the ZB website to see if there was a Kesto page to get more details and at the moment there isn’t. Interestingly, ZB’s site already has a Diaspora Banking section which offers most of the services.
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