The Kenya Post Office Savings Bank (Postbank) was established in 1910 regulated by the Kenya Post Office Savings Bank Act Cap 493B.Similar Savings services were offered across the East Africa region. When the East African Community broke up in 1977, the Kenya Government established its own savings bank. Postbank is primarily engaged in the mobilization of savings for national development.
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 Permanent Secretary, Treasury. Governance of the bank is vested in the Board of directors and the office of the Managing Director, supported by Directorates and departments.
Postbank is committed to the standards of corporate governance as set by the government and the Central Bank of Kenya for the public sector. The Board of Directors is responsible for the long term strategic direction for profitable growth for the bank while being accountable to the shareholder for ensuring that Postbank complies with the law and the highest standards of corporate governance and business ethics. The Kenya Post Office Savings Bank’s registered headquarters is at Postbank House, Banda Street, Nairobi Kenya
“To be the Premier Bank”
Postbank is committed to creating business growth while ensuring that delivery of services is done in an ethical and socially responsible manner. The Bank considers the interests of the community and strives to maintain the highest standards of ethical conduct and corporate responsibility in service delivery.
The Bank acknowledges that Corporate Social Responsibility (CSR) is fundamental to our culture and core values. We encourage staff to recognize those responsibilities and behave in a responsible manner toward the society in which we function. We regard the setting of good example as an important practice in this regard.
The key focus of the Bank’s Corporate Social Responsibility are:
- Financial Literacy
Through the Bank’s vision, the mandate is to inculcate a culture of savings to all Kenyans through the provision of affordable savings services. Postbank has carried out it’s mandate quite successfully, through expansion of it’s outreach and development of products and services that meet the expectations of its customers. This benefit has propelled success in penetrating the market considering that the Bank’s products do not attract maintenance and ledger fees thus enabling customers to save and enjoy high interest that is tax free