NCBA Group has announced the removal of monthly account maintenance fees for its retail banking customers. The new policy, effective July 1, 2024, applies to various account types, including salary accounts, Platinum Flexi, and Gold Pay as you go accounts, among others. This decision comes in response to the current economic challenges, offering relief to customers by eliminating these charges for both local and foreign currency accounts.
Tirus Mwithiga, Group Director of Retail Banking at NCBA, emphasized the bank’s commitment to prioritizing customer needs. “With the current economic landscape, every shilling matters to our customers. By eliminating these monthly fees, we aim to ensure they get the full value of their money,” Mwithiga stated. ‘‘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,”
This change will apply to consumer banking accounts across various account types, including salary accounts, 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. Additionally, commercial and SME accounts like Business Current, Gold, and Platinum will also benefit from this new arrangement.
The decision reflects NCBA’s broader strategy to enhance customer satisfaction and retention by removing barriers to banking. “This new era of no monthly fees aligns 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,” Mwithiga added.
NCBA Group is one of the leading financial services providers in the region, offering a wide range of banking products to individuals, businesses, and institutions. With a strong commitment to customer service and innovation, NCBA continues to drive financial inclusion and economic development across its markets.
NCBA’s initiative comes at a time when banks are increasingly moving away from traditional ledger fee-based accounts towards more customer-friendly pay-as-you-go models. This shift reflects a growing recognition within the industry of the need to adapt to the evolving needs and expectations of customers, particularly in challenging economic times.
For NCBA, the elimination of monthly account maintenance fees is more than just a financial adjustment; it is a reaffirmation of the bank’s dedication to providing value and support to its customers in every possible way. As the banking landscape continues to evolve, NCBA’s focus on customer-centric solutions will likely serve as a key driver of its continued success and growth.
The waiver of these fees will help accelerate the Bank’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.
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