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HomeBusinessSIGH OF RELIEF AS NCBA SCRAPS MONTHLY ACCOUNT MAINTENANCE FEES FOR RETAIL...

SIGH OF RELIEF AS NCBA SCRAPS MONTHLY ACCOUNT MAINTENANCE FEES FOR RETAIL BANKING CUSTOMERS

Consumer, commercial and SME banking accounts will benefit from the new adjustment

NCBA Bank has announced it will not charge monthly account maintenance fees for their retail banking accounts effective from 1st July, 2024. This change will benefit   existing current account products and  new products applicable for incoming customers.

The new adjustment will be applicable 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.

Similarly, commercial and small and medium enterprises ( SMEs) accounts such as your Business Current, Gold and Platinum will benefit from the new arrangement. All vehicles financed under this scheme will be insured through NCBA Bancassurance Intermediary Limited.

Customer first

“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 full value of their money,” said Mr. Tirus Mwithiga, group director, retail banking at NCBA during the announcement.

Mr. Mwithiga  further added that the new adjustment is geared towards  improving  customer experience.  “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,” he emphasized.  

 Against  this  background, clients will only incur banks charges for services and transactions that they have specifically utilized and which remain unchanged as per the lender’s  published tariff guide.

New adjustment

The waiver of these fees will help accelerate the lender’s   customer growth strategy – a move expected to scale its retail banking footprint in a   bid to increase affordability and provide customer focused financial solutions.

The new adjustment will reflect on maintenance fees charged at the end of the month based on the product type. By  and large,  the   banking industry in Kenya  has  moved from ledger fee- based accounts to pay as you go. The latter   don’t  attract   maintenance fees.

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