I am a Ugandan Investor in the NSE and dont have a Kenya shilling bank account, I keep receiving these dividend cheques of small notes (between 1000 to 4000) but can not cash them anywhere, any advise on how i can re-invest these cheques and how i should communicate to the companies to effect this.

Always a dilemma in black Africa for people investing outside their country. I assume you live in Kampala.

TRY THESE

(A) I know of kenyan friends that invested in Stabic Uganda IPO, and they cash their UGX denominated dividend checks in Kenya banks.
My thoughts are that if you open a savings account that has the cability to cash dividend checks in any of the "KENYAN BANKS" in Kampala notably

(i) KCB of Kampala
(ii) Equity Bank Of Kampala

that will suffice

First discuss with them your motive, there is a strong likelihood that KSH denominated dividend checks will be accepted for direct conversion to your UGX account.


(B) As an alternative if (A) does not work, try take the advise of Guru267, a fellow Ugandan like you.

MY EXPERIENCE IN KENYA

As a Nigerian (West African) investing in NSE I had no other choice than to open a savings account with a Kenyan Bank. In addition I had to re-validate my past dividends with the registrars Kencom, Image Registrars etc etc.
Secondly on the good advise of my Kenya Stockbroker, I had to fill a special form to give my Kenya Bank account details for EFT (Electronic Fund Transfer) so that my future dividends are directly credited to my bank account.
With that my problem was solved.
Opening a bank account will require your physical presence in Nairobi and a referee who is an account holder in your chosen bank.

POSITIONING FOR USE

From my experience in NSE, I had to first open a bank account with crane Bank, Kampala in preparation towards opening a USE CDSC account in the future so that from inception when I start to invest in USE, my dividends will be credited to my bank account.
I was in Kampala last December , and Crane bank of Ugaanda was kind enough to accord me and my wife this opportunity based on personal recognition and precedence in Kenya.I proved to them that we require a bank account for dividend payment, and I provided my Kenya CDSC statement and transactions in my Kenya account that showed that 95% of the transactions were EFT for dividend. They gave me a waiver to produce a referee (An account holder to identify us).


I am excited to read about you both (Guru267 & Livewire), Ugandans investing in Kenya market.

In future in this forum we will be discussing about
DFCU,
Bank Of Barode
Stanbic Uganda
New Vision Publishing Co.
and emerging Petroleum Producing counters.


Cheers and best Regards

guru267 is a Kenyan working in Ug, no?

I agree DRIPS and direct investment plans are supposed to be a company policy.This is one area our Kenyan companies are lagging especially if they want to source more funds and attract foreigners.Opening bank accounts is an inconvinience

@Guru,

Have you opened a CDS account in USE ?

@guru, dual citizenship not allowed under the current constitution, that is another reason the blood coursing in my veins is GREEN......

am kenyan in diaspora, got some dividend checks..took them to several of banks in USA to cash: Citibank, BofA etc but charges were more than the check value! I laughed..been trying to open bank in Kenya since then and some of the checks have expired....Anybody with idea what I should do?

You have only two options... Deal with the High bank charges and exchange rates rip offs in the US or open a kenya bank account...

Mzee PKoli,

I intend to visit Uganda next year to open CDS account as my hands are full this year on real estate (serviced plot) investment.
After Kenya & proposed Uganda, I am done with East africa and even African market, I will rather consolidate in years to come. So Rwanda is out of question.
My interest in Uganda is a product of circumstance all my mind was in Kenya. What happened was we were planning to get a plot to build little vacation home in Nairobi, but the price was just not affordable, that makes us pick Uganda as an alternative.

We stroke a deal with Akright Properties the vendors of Akringht Kakungulu satelite city located 18 KM from Kampala city which is less than half the price of a similar semi serviced plot in Nairobi
To survive in future during vacation stocks investment came to mind. We have already opened a bank account for dividend collection.
These are part of my plans for retirement in the next few years. Young is not getting younger,I will be 49 next year.
We want to avoid Kenya counters as much as possible in USE so the stocks in mind are :-

Stanbic Uganda
DFCU,
New Vision
Bank Of Baroda
Jubilee Insurance (Kenya)
EABL (Kenya

We want dividend yielding stocks.

I still have the African Alliance Uganda brokers contact in mind, but in addition my Bank Crane Bank of Uganda also have Crane Stockbrokers, we will decide on one of them in due course.

Cheers

@young now why did you disclose your age.... Now i feel like so much of a child.. In this place