NCBA has scrapped off account maintenance fees and only retained transaction charges for its customers in a bid to ease the financial pressure.
The lender announced the new changes will affect only the retail banking accounts. This has been backdated from July 1, 2024.
In a statement, the lender said this change will affect existing current account products and new products applicable to incoming customers.
The new adjustment will apply to consumer banking account types such as salary account, Platinum Flexi, Platinum Pay as you go, Gold Pay as you go, Premier – All-in-One, Platinum All-in-One, and Gold-All-in-One.
“We’ve realized with the current economic landscape the customer values every shilling, and by eliminating the monthly account maintenance fees for both local and foreign currency accounts our goal is to provide a product that ensures they get the full value of their money,” said Mwithiga.
He noted that by waiving these fees, the lender will be able can provide a buffer for customers. Accordingly, this will enable them to do much more with their money, especially during these hard economic times.
“This new era of no monthly fees is in line with our commitment to put our customers at the heart of everything we do.”
In its statement to customers and stakeholders, the lender announced the new changes will affect only the retail banking accounts. These new changes have been backdated from July 1, 2024. The lender said this change will affect existing current account products and new products applicable to incoming customers.
This waiver will help accelerate the Bank’s customer growth strategy, a move expected to scale at the base. The bid is to increase affordability and provide customer-focused financial solutions.
Major Changes At The Lender Base
NCBA Group seems to be restructuring from the inside as it makes major moves in the market. Two months ago, it completed a 100% acquisition of AIG Kenya Insurance Company Limited (AIG Kenya). It is looking to further strengthen its position in the financial services industry.
NCBA has been a minority shareholder in the insurer for over 18 years. The 50-year-old insurance business has an undisputed market reputation for offering general insurance propositions to corporates, SMEs, and individuals.
Do you think this is a great move for the bank and its customers?
