I am thrilled to announce the entry of Bank Saderat Iran into the Kenyan market through our acquisition of a majority share in First Community Bank. Officially incorporated on April 20, 2023, and approved by the Central Bank of Kenya on May 18, 2023, Bank Saderat Iran Kenya is dedicated to bringing a new era of Sharia-compliant banking to the region.
With our rebranding efforts, we are proud to position Bank Saderat Iran Kenya as a technologically advanced, customer-centric institution. Though we may be smaller in size compared to other banks, we are at the forefront of innovation in the financial sector. We are the first bank in Kenya to introduce wearable payment solutions, empowering our customers with the convenience of seamless, on-the-go transactions. Additionally, our unique in-app remittance feature enables our clients to send funds to bank accounts and mobile wallets in over 135 countries, with most transactions completed in under five minutes.
We have recognized a significant need in the market for faster, more affordable, and convenient international remittance options. Many young Kenyans are traveling abroad, either for studies or for work, and rely on financial support from their families back home. Currently, the available methods are often slow, traditional, and costly. Bank Saderat Iran has stepped in to fill this gap by introducing a seamless, low-cost in-app remittance service that allows families to send funds with ease. Our service meets this need by offering instant international transfers, providing support to customers wherever they are in the world.
Kenya’s young and vibrant population presents a unique opportunity for Bank Saderat Iran to lead the way in financial innovation. With the majority of Kenyans being tech-savvy youth, we are well-positioned to offer digital banking solutions that align with their needs and preferences. By introducing advanced offerings like wearable payments, in-app remittances, and our upcoming SoftPOS technology for small merchants, we aim to provide a banking experience that resonates with the digital-first generation, making banking more accessible, convenient, and relevant.
Our journey also includes strengthening the bank’s financial foundation. Following the acquisition of FCB, which had a high level of non-performing loans (NPLs), our management team has made significant strides in recovery efforts. We have successfully reclaimed a substantial portion of these loans, and we are dedicated to reducing our NPLs to below 2% of total deposits in the coming months.
As we look ahead, our focus remains clear: to be Kenya’s leader in Sharia-compliant banking through unmatched service, technological innovation, and a commitment to financial stability. Together, let us redefine the future of banking in Kenya.
Sincerely,
CEO, Bank Saderat Iran Kenya
