NCBA has announced a significant change in its banking services that will benefit consumer, commercial, and SME banking accounts.
This change will apply to both existing current account products and new products for incoming customers.
The new adjustment will cover various consumer banking account types, including 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 accounts.
Similarly, commercial and SME accounts such as Business Current, Gold, and Platinum will also benefit from the new arrangement.
“We’ve realized with the current economic situation 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.
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,” said Mr. Tirus Mwithiga, Group Director of Retail Banking at NCBA.
“With this change, clients will only incur bank charges for services and transactions that they have specifically utilized and which remain unchanged as per our published tariff guide,” added Mr. Mwithiga.
The waiver of these fees is expected to accelerate the bank’s customer growth strategy, helping to scale its Retail Banking footprint.
By increasing affordability and providing customer-focused financial solutions, NCBA aims to attract more customers and enhance its service offering and also trying to clear its name which has been badly tarnished.
The move to eliminate monthly fees will reflect on maintenance fees charged at the end of the month, based on the product type.
This change marks a shift in the banking industry from ledger fee-based accounts to a pay-as-you-go model with no maintenance fees, aligning with modern banking practices that prioritize customer value and flexibility.
NCBA’s decision to remove monthly account maintenance fees is a strategic response to the current economic challenges faced by many customers.
By reducing the cost of banking, the bank hopes to provide financial relief and support to its customers, allowing them to better manage their finances and make the most of their money.
NCBA is also working to clear its name amid accusations of being involved in financial misconduct during former President Uhuru Kenyatta’s term.
The bank has taken steps to improve transparency and accountability.
This includes waiving fees, enhancing customer service, and ensuring fair banking practices.
In contrast to the planned Nane Nane March on August 8, 2024, aims to pressure the government to address the demands of Kenya’s youth, particularly the Gen Zs.
There are several reasons why occupying all NCBA Bank branches is a critical part of this protest.
NCBA Bank has been accused of being a conduit for looting during former President Uhuru Kenyatta’s term.
By occupying the bank’s branches, Gen Zs can draw public attention to these serious allegations and demand a thorough investigation.
This new adjustment by NCBA signifies a commitment to enhancing customer satisfaction and providing practical financial solutions in a challenging economic environment.
As the bank continues to innovate and adapt its services, customers can look forward to more value-driven and customer-centric banking experiences.
The upcoming Nane Nane March further underscores the critical role of youth activism in addressing financial and political accountability in Kenya.
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