Kenya Post Office Savings Bank

Kenya Post Office Savings Bank
Company type	State owned
Industry	Banking
Founded	1910
Headquarters	Nairobi, Kenya
Key people	Raphael Lekolool (Managing Director)
Products	Group Savings, Savings, Investments, Debit Cards
Revenue	KES:1.9 billion (2009)
Total assets	KES:15.4 billion (2009)
Number of employees	500
Website	www.postbank.co.ke

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.^[1] This gives it a unique feature where interest income earned by depositors is exempt from tax.^[2]

History

Postbank was established in 1910, making it possible for Africans to save in the then British East Africa.^[3] 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.^[4] 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^[5]

The bank is an agent of MoneyGram, Western Union and Ria Money Transfer and offers Banking agency services for Credit Bank NCBA Bank Group and ABSA Bank (Kenya) Stanbic Bank

The bank has also partnered with Premier Credit Ltd and Fincredit Ltd to offer loans to pensioners

Ownership

As of March 2024^[update], Postbank is a fully owned by the Government of Kenya and reports to the National Treasury.^[6]

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.

References

^ CAP. 493B - Kenya Post Office Savings Bank Act
^ Income Tax Act Cap. 470 First Schedule Part 1
^ "History of Banking in Kenya". Archived from the original on 12 May 2014. Retrieved 26 May 2014.
^ Postbank Marks 100 years (1910-2010)
^ Postbank Marks 100 years (1910-2010)
^ "About Us - Post Bank". Archived from the original on 27 May 2014. Retrieved 26 May 2014.

External links

[1] CAP. 493B - Kenya Post Office Savings Bank Act

[2] Income Tax Act Cap. 470 First Schedule Part 1

[3] "History of Banking in Kenya". Archived from the original on 12 May 2014. Retrieved 26 May 2014.

[4] Postbank Marks 100 years (1910-2010)

[5] Postbank Marks 100 years (1910-2010)

[6] "About Us - Post Bank". Archived from the original on 27 May 2014. Retrieved 26 May 2014.

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Authority control databases
International	VIAF
National	United States

v t e Banks of Kenya
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Related Topics	Automated Teller Machine (ATM) ATM usage fees De-Materialisation (DEMAT) Financial services Foreign Exchange (FOREX) National Electronic Fund Transfer (NEFT) Real Time Gross Settlement (RTGS) Structured Financial Messaging System (SFMS)