Kenya’s NIC Bank announces trading in Chinese yuan, customers can open account in yuan

National Industrial Credit Bank (NIC Bank is a commercial bank in Kenya) declared on February 20 that it will make available Chinese yuan to all its customers, as it seeks to cash in on the growing Sino-Kenya commercial ties.

NIC Bank said in a statement released in Kenya's capital Nairobi that it will offer the Chinese currency to both business persons and travellers. "We are pleased to introduce to you the Chinese yuan currency which is a new addition to our offering. This solution will allow you access to the best rates at any NIC Bank branch countrywide," NIC Bank said in the statement. The regional bank which has the presence in Kenya, Uganda and Tanzania will also provide an opportunity for its customers to open a Chinese yuan account.

NIC Bank joins a long list of financial institutions in Kenya such as Stanbic Bank that has a yuan trading facility that makes the Chinese currency locally available. Government data indicates that China has become the largest trading partner, foreign investor and project contractor of Kenya.

In order to trade with China, the Kenya business community has been forced to purchase US dollars for conversion to the yuan, while the availability of Chinese currency locally will reduce the cost of business transaction between Kenya and China. Kenya also hosts a vibrant Chinese community that currently operates over 300 firms in many sectors of the economy, Xinhua noted.

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