Local financial institutions are missing out on a billion dollar business due to their failure to cater for the needs of the Kenyan community abroad, a recent survey of the banking sector indicates.

The survey, however, noted that banks such as Commercial Bank of Africa and National Industrial Credit (NIC) Bank have launched products that target Kenyans living abroad.

A lot of Kenyan’s abroad have asked me about how they can open, and operate, bank accounts in Kenya from overseas. It’s not an easy thing to do, as most Banks’ open account following face-to-face meetings where you draw signatures in their presence and they inspect you ID and other documents. So it’s best to open an account when you visit Kenya.