NCBA’S HIGH VALUE  ACCOUNTS  CONTINUE  TO GROW

NCBA Bank registered 184 percent increase in high-value accounts exceeding Kshs. 500,000 in the period ending 2023. This is despite a cumulative decline of 40 percent of accounts holding more than half a million Kenyan shillings in the banking sector.

According to the Central Bank of Kenya (CBK) annual bank supervision report of 2023, accounts with more than Kshs. 500,000 at NCBA Bank increased by 270,085 –  from 146,396 in 2022 to 416,481 in 2023-  translating to 184 percent rise.

Growth

In effect, the bulk of customers with above Kshs.  500,000 in their accounts bank with NCBA. Remarkably, NCBA is the only Kenyan bank that recorded an increase in the number of accounts with  Kshs 500,000 and  above  in the  period under review. This demonstrates the lender’s  commitment  to   exemplary customer  experience and offering a wide array of  innovative  products.

On the contrary, the number of accounts in the Kenyan banking sector as a whole holding more than Kshs. 500,000 decreased from 1,847,077 in 2022 to 1,110,232 in 2023.

By  the same token,   accounts with less than Kshs.  500,000 at NCBA increased by 4 percent in the  period under review. Previously  ( 2021 – 2022) , NCBA witnessed a 10 percent increase in accounts with more than Kshs. 100,000 which rose from 132,972 in 2021 to 146,396 in 2022.

Zero ledger fees

Effective  1^st July, 2024,  NCBA  stopped charging   monthly account fees for all its retail banking customers. This development is  expected to  herald a  new  era  for the lender, that will be   characterized  by  a   strong  growth in all parameters .

In  particular, the waiver  is  expected   to  accelerate the bank’s customer growth strategy as  it  endeavours   to scale up   its retail banking footprint,  while  providing   customer-focused financial solutions.

Financial inclusion

NCBA has long been committed to enhancing   financial inclusion in all the countries it  has a presence. “Our diversified business model has continued to demonstrate growth and resilience with strong contribution from our digital business and stable performance from our regional banking subsidiaries,” NCBA Group CEO, John Gachora noted while announcing results of the first quarter of 2024.

With over 60 million customers spread out in five countries, NCBA  is set to reduce the cost of banking , hence  enhancing  brand loyalty.

NCBA    has been recognized by Brand Finance as the as Kenya’s second fastest-growing brand.  Its   rating shot up by 4 per cent in 2024 to rank at position six   among the Top 25 Most Value Brands. This is a demonstration of  the lender’s    relentless efforts in brand building that align well with its  customers’ needs.