kenya country profile 2013 - citibank...kenya — country profile 3 clearing systems the central...

Kenya Country Profile

Contents

Country Overview 1

Clearing Systems 3

Foreign Exchange Controls 6

Taxation 7

Investment Opportunities 8

Trade Regulations 9

Citi Solutions and Services 11

Kenya — Country Profile 1

Country Overview

Banking Holidays in Kenya

2013

New Year’s Day 1 January

Good Friday 29 March

Easter Monday 1 April

Labour Day 1 May

Madaraka Day 1 June

*Idd Ul Fitr 08 August

Kenyatta Day 15 October

Mashuja 20 October

Independence Day 12 December

Christmas Day 25 December

* This is a movable holiday and is therefore subject to confirmation by the government

Banking System

Banks in Kenya

The banking sector comprises of 175 institutions which includes 43 commercial banks, 1 mortgage finance company, 5 microfinance institutions and 126 Forex Bureaus.

Agent banking model was rolled out in May 2010 whereby banks are allowed to engage third parties to offer specified banking services on their behalf in a bid to cut costs and enhance efficiency and by extension increase access to financial services.

The Central Bank’s principle objectives are to formulate and implement monetary policy directed to achieving and maintaining stability in the general level of prices; to foster the liquidity solvency and proper functioning of a stable market based financial system. One of its secondary objectives is to license and supervise authorisation dealers in the money market.

Citi in Kenya

Head Office Address

Citibank N.A Citibank House Upper Hill Road P.O box 30711-00100 GPO Nairobi, Kenya

Key Facts

Capital City Nairobi

Population 43.01 million (2012 est.)

Currency Kenya Shilling

Currency SWIFT Code CITIKENA

Exchange Rate KES 101/USD

GDP USD 1,800 (2012 est.)

GDP Growth Rate 5.1% (second quarter of 2012)

Exports USD 5.942 billion (2012 figures)

Imports USD 14.39 billion (2012 figures)

Inflation Rate 10.1% (2012)

Source: Kenya National Bureau of Statistics, CIA World Factbook

2 Kenya — Country Profile

Country Overview

Founding president and liberation struggle icon Jomo KENYATTA led Kenya from independence in 1963 until his death in 1978, when President Daniel Toroitich arap MOI took power in a constitutional succession. The country was a de facto one-party state from 1969 until 1982 when the ruling Kenya African National Union (KANU) made itself the sole legal party in Kenya. MOI acceded to internal and external pressure for political liberalization in late 1991. The ethnically fractured opposition failed to dislodge KANU from power in elections in 1992 and 1997, which were marred by violence and fraud, but were viewed as having generally reflected the will of the Kenyan people. President MOI stepped down in December 2002 following fair and peaceful elections. Mwai KIBAKI, running as the candidate of the multiethnic, united opposition group, the National Rainbow Coalition (NARC), defeated KANU candidate Uhuru KENYATTA and assumed the presidency following a campaign centered on an anticorruption platform. KIBAKI's NARC coalition splintered in 2005 over a constitutional review process. Government defectors joined with KANU to form a new opposition coalition, the Orange Democratic Movement (ODM), which defeated the government's draft constitution in a popular referendum in November 2005. KIBAKI's reelection in December 2007 brought charges of vote rigging from ODM candidate Raila ODINGA and unleashed two months of violence in which as many as 1,500 people died. UN-sponsored talks in late February 2008 produced a power-sharing accord bringing ODINGA into the government in the restored position of prime minister. Kenya in August 2010 adopted a new constitution that eliminates the role of prime minister after the next presidential election.

Location of Branches

Citi in Kenya maintains two branches, in Nairobi and Mombasa. The opening hours are: 08.30–15.00 hours.

Citi entered Kenya in 1974 under the name “The First National Citi of New York” and has since become the ninth largest commercial bank in the country as measured by assets from the most recent Banking Industry Survey (June 2011 statistics). Citi Kenya complements a 15-country presence across Africa, making Citi the singular pan-African financial institution. Citi Kenya offers a broad range of products and services such as Corporate Finance, Cash Management, Trade Services and Treasury products such as Foreign Exchange, Derivative and Trade Finance.

Location of Financial Investment Centers

Nairobi

Services Offered to Citi Clients

Treasury management

Cash Management

Investment Services

Loans and Overdrafts

Trade Services and Trade Finance

Structured Trade Finance

Supplier and Distributor Financing

Corporate Finance

Inter-bank transactions

Electronic banking

Risk Management


Clearing Systems

The Central Bank of Kenya provides deposit accounts for commercial banks to facilitate interbank settlements and to manage mandatory cash ratio reserves. Financial institutions also maintain accounts in CBK mainly to cater for the minimum cash reserves for monetary policy requirement only.

The Central Bank facilitates the clearing and settlement services on a net-multilateral arrangement at the Nairobi Clearing House.

Members of the clearing House are required to maintain credit balances in the clearing account with the CBK at the close of each working day. To avoid debt positions, banks get funds from alternative sources like interbank borrowings or discounting of government securities. Where a member fails to replenish the account all the clearing items are unwound.

Value capping was introduced in 2009 that placed limits on the values of cheques and EFT’s going through the local clearing system. These limits were also introduced in the domestic foreign currency cheques. The limits are one million in Kenya shillings, USD 35,000, EUR 30,000 and GBP 15,000. These payments are to be processed through Real-time Gross Settlement (RTGS). CitiDirect is the leading electronic banking system in the Kenyan market that supports straight-through processing of RTGS transfers.

Local Currency Clearing

The Central Bank of Kenya clearing house facilitates the transfer of payments between banks operating in Kenya on behalf of their customers. It provides the facility for the exchange of cheques and local electronic funds transfers.

The clearing of local and upcountry cheques is centralised in Nairobi. The Central Bank and Kenya Bankers Association have recently introduced the cheque Truncation System whereby there is no physical movement of cheques. The new generation cheques are imaged and electronically transmitted to the clearing house and then to the bank where the customer’s account is held, eliminating the need for physical transportation and cutting down the time taken for cheque clearing. The clearing time is now down to 3 days from 4 and the system will be reviewed next year with the aim of reducing the clearing time to 2 days and eventually 1 day.

Automated Clearing House

The clearing and settlement arrangement is divided into retail and wholesale segments and there are no limits to the value of credit or debit items that pass though the Clearing House.

The Central Bank facilitates the ACH operations through the Kenya Bankers’ Association (KBA) which owns, operates, and administers the clearing for cheques and EFT’s that are used by 38 clearing banks, including the CBK and 5 other non-clearing banks. Membership is restrictive and banks must comply with certain criteria approved by KBA. Citi is a member.

Domestic Foreign Currency Clearing DFCCC

A clearing house exists to enable the settlement of local foreign currency cheques drawn on banks present in Kenya. This facility reduces the clearing time taken to settle interbank accounts. The Domestic Foreign Currency Cheques Clearing is a medium for the presentation and settlement between member banks of cheques drawn in foreign currency on and/or payable to the other banks at par. There are 30 members of the DFCCC house of which Citi is a member.

The cheque truncation system is also in use for foreign currency cheques. Clearing takes place at 10.30 AM on Monday, Wednesday and Friday of the first week and Tuesday and Thursday in the second week and the Cycle reverts back on the third week. A second clearing session also takes place at 12.30 PM.


Clearing Systems

Settlement of accounts is done through Central Bank of Kenya accounts held offshore for pounds, Euros and US dollars.

The transit time for normal clearing cheques under the DFCCC agreement will be after 3 clearing days from the day the check is deposited at the Bank.

Electronic Funds Transfer (EFT) System

EFT system is used as a facility for processing payments electronically via the automated Nairobi Clearing House between the Kenya Bankers Association member banks. Value is given on a same day basis while finality and irrevocability of the payment is guaranteed.

Direct Debits

These are fast becoming the preferred way of paying regular bills and making utility service related payments globally. Direct debits provide a simple, safe and convenient banking service that enables the debtor to settle his or her bills as and when they fall due. The service provider (the creditor) initiates the transfer of funds due from the debtor. The transfer is based on the Direct Debit Authority (DDA) signed by the debtor and the service provider, provided his or her account has adequate funds.

Kenya Electronic Payment and Settlement System (KEPSS)

Real Time Gross Settlement (RTGS)

This is a system where both the processing and final settlement of fund transactions takes place on an item by item (gross) basis continuously throughout the business day. It is an on-line system that facilitates the transfer of high value and/or time critical payments between participants in real-time. It aims at enhancing efficiency by reducing inherent risks in the existing payment system.

An RTGS system runs on a credit push basis in which final and irrevocable settlement can only occur if funds are available in the Commercial bank’s settlement account at the Central Bank of Kenya.

The system enables banks to manage their liquidity efficiently while providing a better tool for Monetary Policy Management to the Central Bank of Kenya thus contributing to a more stable financial system.


Clearing Systems

Clearing Streams

Clearing Stream (CS) Payment Type Payment Instruments

CS 1 Paper Cheques

Other paper based instruments

CS 2 Bulk Electronic Automated Teller Machines (ATMs)

Credit & debit cards

Charge cards

Pre-paid cards/Smart cards

Electronic Funds Transfers (EFT)

Direct debits

Mobile Phone – E Money

CS 4 High Value Electronic Real-time Gross Settlement (RTGS)

SWIFT

* Central Bank of Kenya

Funds Availability Schedule

Cut-off Time (Local Time)

Client Value Date

Manually initiated Electronic Funds Transfers (EFTs) 12:30 PM T+1

Electronically Initiated EFTs using CitiDirect® 4:00 PM T+1

Manually initiated book transfers 12:30 PM Same Day

Electronically Initiated book transfers using CitiDirect® 4:00 PM Same Day

Local Currency Cheque Deposited – other banks 3:00 PM T+3

Local Currency Cheques – in house 3:00 PM Same day

Manually initiated RTGS 10:00 AM Same day

Electronically initiated RTGS 12:00 AM Same day


Foreign Exchange Controls

Regulation of foreign exchange in Kenya is contained in Part VI of the Central Bank of Kenya Act and Legal Notice no: 23 of 28th February 1996. Foreign exchange dealers consist of authorised banks and foreign exchange bureaus licensed by the Central Bank of Kenya.

Authorised banks are licensed to buy, sell, borrow or lend in foreign currency or transact any business involving foreign currency. Authorised dealers are also free to facilitate payments between Kenyan residents and non-residents and engage in spot money market and derivative foreign exchange deals.

Foreign exchange bureaus may engage in buying and selling foreign currency cash: buying travellers cheques: personal cheques: bankers’ drafts and bank transfers. Forex bureaus may also sell Travellers cheques but approval must be obtained from the CBK. Forex bureaus can engage in spot foreign exchange transactions but not in derivative foreign exchange deals.

Residents and non-resident may invoice for their goods in Kenya shillings or foreign currency, possess foreign currency or sell and buy foreign currency from authorised dealers or export and import currency in accordance with the law. All foreign transactions should be supported by the underlying commercial activity. All foreign exchange dealers must obtain and retain documentation for all transactions above USD 10,000 or declaration forms in lieu of documents where electronic banking is adopted

Credit facilities to residents and non-residents can be denominated in foreign currency subject to the prudential lending practice. Residents are also allowed to borrow offshore however authorised dealers must regard the interests of the customers and advise them appropriately on the related risks.

Persons entering or leaving the country may bring in or take out up to the equivalent of USD 5,000 in foreign currency. Any amounts above this must be declared at the point of entry or exit.


Taxation

Corporate Tax

Corporate taxes are set at 30% for resident companies and 37.5% for non-resident companies. Export Processing Zone Enterprises do not pay taxes for the first ten years and at a rate of 25% for the next ten years. Turnover Tax is applicable to small businesses with a turnover of Kenya shillings 5million per annum. The tax is 3% of turnover.

Interest

The withholding taxes are applied to interest from banks at a rate of 15% for both residents and non-residents. 15 % withholding tax is charged on Interest on Deposits or interest bearing current accounts.

Dividends

For qualifying dividends the withholding tax is applied at a rate of 5% for residents (this includes all EAC residents) and 10% for non-residents. In the case of subsidiary and associated companies dividends with more than 12.5% shareholding than the withholding tax does not apply to residents but non-residents is paid at a rate of 10%.

Royalties

Withholding tax on royalties is 5% for residents and 20% for non-residents.

Other Taxes

VAT

Standard rate of 16%.

Training Levy

Administered by the Directorate of Industrial Training, a government department. The rate is Kenya shilling 150–300 per employee per half a year depending on the industry sector.

Standards Levy

Levied on manufacturers at a rate of 0.2% of the ex-factory price minimum is Kenya shillings 1,000 per month maximum is 400,000 per annum.

Catering Levy

This is a 2% tax on hotels and restaurants billing.


Investment Opportunities

Treasury Bills

A treasury bill is a paperless short-term borrowing instrument issued by the Government through the Central Bank of Kenya (as a fiscal agent) to raise money on a short term basis – for a period of up to 1 year. Treasury bills are issued in maturities of 91 days, 182 days and 364 days paper that was introduced in late 2009. Treasury bills are sold at a discounted price to reflect investor’s return and redeemed at face (par) value.

Treasury Bonds

Treasury Bonds are medium to long term debt instruments issued by the government to raise money in local currency for a period of more than one year. So far, Treasury Bonds that have been issued are of maturities range of 1 year to 20 years. The types of Treasury bond may be defined by the purpose, interest rate structure, maturity structure, and even by issuer. So far, the Government has issued Fixed Coupon/Rate Bonds, Zero Coupon, Floating Rate, Infrastructure (project specific), Restructuring/Special bonds and Amortisation bonds.

Most commonly issued bonds are zero coupon and fixed coupon bonds which have huge investor demand. Treasury bonds are issued monthly.

Commercial Paper

Commercial Paper (CP), also known as Promissory Notes, is an unconditional order to pay a fixed amount on the due date. The paper stands solely on its credit rating and investors will use the credit rating in the investment choice. CP is issued by credit worthy corporations. The days for a CP vary with the issuer. The market for commercial paper is still relatively small in Kenya.

Term Deposits

Term deposits are cash dealt to a fixed maturity date, with interest generally paid at maturity.

Nairobi Stock Exchange

In 1954 the Nairobi Stock Exchange was constituted as a voluntary association of stockbrokers registered under the Societies Act. In February, 1994 the NSE 20-Share Index recorded an all-record high of 5,030 points. Trading hours are from 09:00 to 15:00. Delivery and settlement is done scripless via an electronic Central Depository System (CDS) which was installed in 2005. Settlement is currently T+4, but moving to T+3, on a delivery-vs.-payment basis. The daily price movement for any security in a single trading session shall not be more than 10% except during major corporate announcements.

Instruments Traded

Equities and Bonds: which are either Government or Corporate.

Market Capitalisation

898 Billion Kenya Shillings (as at 27th October 2011).

Companies Listed

There are 58 listed companies with 10 in Banking, 9 in Manufacturing and Allied, 8 in Commercial and Services and 7 in the Agricultural sector, 5 in Insurance, 4 in Investment, 2 in Telecommunication and Technology, 4 in Automobiles and Accessories, 5 in Construction and Allied and 4 in Energy and Petroleum.


Trade Regulations

The Customs Service Department within the Kenya Revenue Authority administers the Customs and Excise Act (CAP 472) of the Laws of Kenya and the East Africa Custom Management Act. The core business of Customs Services Department broadly involves enforcement of prohibitions and restrictions, collection and accounting of revenue, security and trade facilitation, and compilation of trade statistics for economic planning.

The department is charged with the responsibility of facilitating international trade which it does by providing expedited clearance of goods through simplified and harmonisation Customs procedures as envisaged under the Revised Kyoto Convention.

The department is the only Government agency mandated to take full control of imports and exports and in doing so it:

Protects public safety, health and morality by barring international trade in illegal substances and materials e.g. narcotic substances, arms and ammunitions, endangered animal species, hazardous wastes, pornographic materials, and expired, counterfeit or sub-standard goods

Liaison with other law enforcement agencies nationally and internationally to prevent trans-border crimes e.g. movement of drugs, stolen motor vehicles, smuggled goods, etc.

The department collects Import duties -on imported goods and Export duties -on certain exports for example hides and skins, and scrap metals.

The main export markets for Kenya are Uganda, United Kingdom, United States of America and the Netherlands. The main import markets are the United Arab Emirates, Saudi Arabia, South Africa and United States of America.

Trade Licenses

These are legal requirements that a business is required to meet:

Single Business Permit

This applies to all businesses and is renewed yearly.

Trade License

This is renewed yearly and is applicable to all businesses.

Value Added Tax (VAT) number

This is issued once by the Kenya Revenue authority to all businesses.

Personal Identification Number (PIN)

This is also issued once and all businesses must have it.

Exporters Code Number

Issued once to export businesses.

Exporters Licences

These are renewed yearly by export businesses.

Importers Licenses

Renewed yearly and issued by the Department of External Trade.


Trade Regulations

The tariffs on Kenyan exports to Tanzania and Uganda are declining with a tariff-elimination expected this year. The imports from Uganda and Tanzania to Kenya are duty-free.

Duty-free trading among COMESA (Common Market for Eastern and Southern Africa) countries exists and is applicable to all products.

The Generalisation System of Preference (GSP) allows Kenyan exports into Australia, Canada, Japan, New Zealand, Switzerland and the United States of America at preferential duty rates for a wide range of goods.

There is also the AGOA arrangement with the United States of America and the ACPEU (African Caribbean Pacific-European Union) Agreement which allows for duty free access for a wide range of products.

According to the East Africa Union’s Common External Tariff (CET) the import duty is as follows:

0% on raw materials and capital goods

10% on semi-processed/intermediate goods

25% on finished goods

Import duties on “sensitive products” can be charged at higher rates. These sensitive products include dairy, maize, wheat, rice, sugar and tobacco products, cement, second hand clothes and cotton fabrics.

The following are the main regulations governing Trade services and their transactional documents:

Local Market Practices Documentation

Commercial Invoice

Delivery Note

Transport Document

Pro forma Invoice

Packing List

Import Declaration Form (for imports)

Customs Entry Form (for landed goods)

Certificates of Origin

Inspection/Quality/Health Certificates

Custom Trade Duties

Customs and Excise Duty

Value Added Tax; Revenue Stamp Duty

Import Regulations

A bank effecting payment for imported goods needs to retain:

Copy of Commercial Invoice;

Import Declaration Form


Citi Solutions and Services

Citi Transaction Services division is a leading provider of cash management, trade, securities and fund services, to financial institutions and corporate clients around the world. Citi Kenya is uniquely qualified to service clients with local and cross-border interests and provide integrated reporting and management.

Citi in Kenya offers a wide range of payables, collections and liquidity solutions for cash management and trade services as well as trade finance in Kenya, serving the needs of local customers.

Account Services

No restrictions on non-residents holding accounts in local or foreign currency.

Resident Current Accounts

These are permitted in local currency.

Resident Savings Accounts

These are permitted in local currency.

Non-resident Accounts

Non-residents are allowed to have local currency accounts.

Foreign Currency Accounts

Residents and non-residents can open foreign currency accounts.

Currency Convertibility

No restriction.

Interest & Overdrafts

Interest can be paid on all local currency accounts. Overdrafts are allowed for all resident and non-resident local currency accounts, subject to credit facility approvals.

Remittance of Dividends and Profits

No restriction.

Repatriation of Capital

No restriction.



Payments

Citi offers clients payment solutions designed for both local and overseas payments. Clients use CitiDirect Online Banking and CitiConnect for Files (Host to Host service) for payments and can select any combination of services needed to meet both domestic and international payment needs.

Cheques

This entails outsourcing the cheque signing and printing to Citi, which is done in a fully automated manner. The cheque issued is a Citibank banker’s cheque that is delivered to customer’s premises. Printing and delivering of cheques with accompanying remittance advice for beneficiaries will be delivered to our customers offices. The scheduled delivery times are 9.00 AM; 11.00 AM and 330 PM.

Electronic Fund Transfers

This entails the transfer of funds directly to the beneficiary accounts through CitiDirect. It is ideal for effecting domestic payments in a fully automated manner. These would include payroll payments and vendor payments.

Real-time Gross Settlement

This is used ideally for high volume domestic transfers. It has the benefit of same-day value provided the cut-off times are observed. Value capping was introduced in 2009 that placed limits on the values of cheques and EFT’s going through the local clearing system. These limits were also introduced in the domestic foreign currency cheques. The limits are one million in Kenya shillings, USD 35,000, EUR 30,000 and GBP 15,000. All payments above these limits must be transferred using RTGS.

Cross-border Transfers

This allows the transfer of foreign currency funds to beneficiaries outside the country for foreign currency payments and other remittances.

Book Transfers

This allows the customer to effect internal transfer of funds for beneficiary accounts held at Citi Kenya.

Our branches also offer KES and foreign currency cash withdrawal services, should this be required.

M-Commerce-Business to Customer

The customer initiates the M-Commerce payments through CitiDirect. The transaction is then transferred to the mobile commerce platform and transmitted to the recipients’ mobile phone. The recipient receives a text message notifying them of the remittance.

WorldLink Multicurrency Payment Services

WorldLink is a payment module in CitiDirect that provides our customers a single window for making payments in over 135 currencies across the globe. With Worldlink, customers will process either cheques, electronic funds transfers and cross-border funds transfers.

The Worldlink platform contains a foreign exchange module that will allow customers to process its conversion as well as the payment in one transaction. The FX rates are linked to the latest FX rates and customers will continue to receive competitive FX conversions.

Foreign Check Collections

Processing of foreign checks through the clearing system of check origination.



Receivables

Citi has a suite of collection products designed to accelerate collections and improve the processing efficiency of our customer’s accounts receivables.

M-Commerce-Consumer to Business

This allows customers to receive cash from their consumers via the mobile commerce platform. The consumer can send cash through their mobile phone to their service provider. The mobile commerce platform is interfaced with CitiDirect allowing the transaction to be credited electronically to the customers’ accounts. This can be used for utility and insurance payments, loan repayments and purchase of non-physical goods.

Direct Debit

The solution simplifies collection of domestic, regular, low value payments by providing a single interface into the Automated Clearing House.

Cash and cheque collection

This is done through our partnership with the G4S courier company. Cash and cheques are collected from the customer’s premises and delivered to Citibank.

ATM (Automated Teller Solution)

This is made possible through a partnership with Pesa-Point a well-known bill payment provider who currently has access to over 110 ATM’s countrywide. Using Pesa Point our customers’ creditors will be able to make payments through the Pesa Point ATM’s and these funds will be credited to the customer’s account in real-time.

Teller Implant Solutions

This solution is made available to those customers with large cash and cheque receipts at their offices and who are looking to outsource the cashiering service. Citi will provide a cashier at the customer’s premises and be responsible for transporting any cash or cheques received at the stipulated time frames

The Citi Kenya collection solutions are enhanced by Citi’s correspondent relationship with Post Office Savings Bank (Postbank) who have at least 84 collections and payment centers countrywide. This partnership provides Citi with a countrywide reach.

Cash

Citi has an agency bank relationship with Postbank Kenya and Cooperative Bank enabling clients to use its branch network for cash deposits.

Cheques

Cheques are deposited at Citi branches or collected for deposit at Citi branches from the customer’s premises through the Speed Collect solution.

Incoming Funds Transfers

Local accounts can be credited in real-time through the receipt of RTGS payments. Similarly low value ACH payments are credited overnight to local accounts.


Incoming Foreign Funds Transfers

Local accounts can be credited through the transfer of funds from abroad. The FX market is currently free of restrictions on the purchase or transfer of foreign currency.



Liquidity Management and Investments

Citi offers competitive interest rates on customer’s investment balances to enable them to earn investment return with the flexibility and same-day access of a current account. The solution is available to our customers that hold significant balances with Citi. These interest rates are mainly determined by the market conditions with the current indicative base rate being the Treasury Bill rate and the Interbank Lending rate. Some of the products that support this solution include:

HIYA (High Interest Yield) Account

This account combines competitive investment rate-returns with the flexibility and same day access of a current account. It is available to customers with significant investment balances. The interest rates are tiered according to the account balances.

Target Balancing

Target-balancing solution uses a fully automated platform to physically concentrate balances from multiple source accounts in the same currency into a header account where they can be optimally invested. Target balancing can take place on full closing balances, at a frequency of your choice: daily, weekly or monthly. The closing balances of participating accounts are assessed and the sweep between source accounts and the header accounts remain at your chosen target balance often zero. In which case, the structure can be referred to as zero balancing.

Notional Pooling

Notional pooling allows companies to consolidate long and short balances into a single header account. The company utilises internal liquidity so they can transact throughout the day based on the consolidated balance. This option allows a company to realise liquidity efficiencies without commingling funds.

Netting

The netting system groups corporations’ divisions, subsidiaries and affiliates so that they can settle their obligations with each other on a ‘net’ basis, rather than on a transaction-by-transaction basis.

Term Deposits

Kenya Shilling and USD Term deposits are offered locally with interest paid at maturity.

Citibank Online Investments Portal

Online Investments provides clients with the ability to view live rates and book Kenya shilling and USD term deposits with Citi throughout the working day. Settlement is instantaneous and transaction records can be printed immediately.



Trade Services

Citi in Kenya is well placed to serve imports and exports from and to Kenya. Our broad network and delivery platform combined with tailored import and export solutions gives Citi a unique advantage in delivering value added solutions to help our customers mitigate risk and increase sales.

Other Trade Services include:

Import Letter of Credit (L/C)

Export Letter of Credit (Advising, Negotiation and Confirmation)

Trade Finance

With a large amount of intra-country trade, Citi has also combined its global expertise with local presence to offer unique local trade finance solutions.

Guarantees (Performance and Financial)

Risk Participation

Documentary and Direct Collections

Trade Outsourcing for Financial Institutions

Channel Finance i.e. Supplier Finance and Distributor Finance.

Structured Trade Finance – Export Credit Agency and Export Agency Finance solutions



Delivery Systems

SWIFT

Citi International Plc is able to receive MT103, MT200, MT202, MT203, MT205, MT210 and to issue MT103, MT202, MT205, MT940 and MT950 statements and advices.

Local Address: CITIKENA

Messages Time Limits: Messages are acted upon the same day. CitiDirect Online Banking is the primary platform utilised by clients to manage both local and global cash management products and services, providing a direct window into Citi’s global platform for cross-border payments.

CitiDirect Online Banking

CitiDirect is the primary electronic banking platform utilised by clients to manage both local and global cash management products and services.



Contacts

Daniel J. Connelly Country Corporate Officer Kenya and CEO of East Africa [email protected] +254 20 2754014

Murat Ozulku Global Transaction Services Head of East Africa [email protected] +254 20 2754069

Michael Mutiga Commercial Bank Head [email protected] +254 20 2754130

Kioko Musyimi Global Transaction Services East Africa Cash Head [email protected] +254 20 2754101

Alice Kilonzo-Zulu Global Transaction Services Trade Finance Head, Africa and East Africa Trade Head [email protected] +254 20 2754158

Mary Sabwa Global Transaction Services East Africa Sales Head [email protected] +254 20 2754068

Julius Ondeyo Global Transaction Services East Africa Client Delivery Head [email protected] +254 20 2754222


Notes

Citi Transaction Services www.transactionservices.citi.com

© 2013 Citibank, N.A. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world. The information contained in these pages is not intended as legal or tax advice and we advise our readers to contact their own advisors. Not all products and services are available in all geographic areas. Any unauthorised use, duplication or disclosure is prohibited by law and may result in prosecution. Citibank, N.A. is incorporated with limited liability under the National Bank Act of the U.S.A. and has its head office at 399 Park Avenue, New York, NY 10043, U.S.A. Citibank, N.A. London branch is registered in the UK at Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB, under No. BR001018, and is authorised and regulated by the Financial Services Authority. VAT No. GB 429 6256 29. Ultimately owned by Citi Inc., New York, U.S.A.

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