NCBA Group will not charge monthly fees for their retail banking accounts effective 1st July 2024 in a bid to enhance their customers’ value for money.
- This change will affect 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 SME accounts such as your Business Current, Gold and Platinum will benefit from the new arrangement.
“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,” Tirus Mwithiga, Group Director, Retail Banking at NCBA said.
In 2023, NCBA had the highest profit growth, posting a 56 percent uptick to KSh 21.5 billion. The lender’s customer growth has more than tripled on the back of focus on diversified digital banking. A recent CBK report shows that NCBA has 416,481 accounts holding amounts above KSh 500,000, the highest for any lender in the country.
“With this change, clients will only incur banks charges for services and transactions that they have specifically utilized and which remain unchanged as per our published tariff guide” Mwithiga added.
The bank holds that the move will reflect on maintenance fees charged at the end of the month based on the product type. The banking industry has been shifting from ledger fee- based accounts to pay as you go with no maintenance fees.
