The new , innovative and timely product gives customers more value for their money
By George Gichuki
What stands out:
. Transactions will now be on the ‘pay as you go’ basis;
. The new product is affordable to customers;
. The strategic move by the lender is set to enhance financial inclusion.
Development of the seventeen Sustainable Development Goals ( SDGs) by the United Nations ( UN) underpins the need of making the world a decent place to live and flourish. In particular, SDG 8 – promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all – emphasizes on the importance of supporting people from all walks of life to unlock their economic potential by creating opportunities for them, while eliminating unnecessary obstacles. One way through which SDG8 can be attained is by enhancing financial inclusion.
According to the 2023 Financial Sector Deepening ( FSD) report, many businesses in Kenya are becoming more formalized, hence increasing their visibility to financiers and other market players. The fact that financiers offering products that are responsive to their customers’ needs will gain more from this development cannot be over – emphasized.
Against this background, NCBA, a tier one bank , has eliminated the monthly maintenance fees for its retail banking accounts. This is a huge relief to the lender’s consumer, SME banking and commercial customers. Transactions will now be on the ‘pay as you go’ basis, which is flexible and friendly to the customers’ pockets.
More money, more options
This bold and strategic move by NCBA to eliminate leger fees will leave customers with more money at their disposal which they can use to settle pressing needs like school fees and hospital bills for their families , relatives and even friends. By the same token, the move is timely considering the fact that our country is currently experiencing tough 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. By waiving these fees, we are able to provide a buffer for customers enabling them to do much more with their money; especially during these hard economic times,” says Mr. Titus Mwithiga, NCBA’s group director, retail banking.
Better still, customers can use the money saved to improve their economic well-being. “ We’ve realized that 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 develop a product that ensures they get full value of their money,” adds Mr. Mwithiga.
