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 ?