NCBA bank has lifted monthly fees for its retail banking accounts from July 1 in a shift targeted at growing customer business.
This change will affect existing current account products and new products applicable to incoming customers.
A monthly maintenance or service fee, is charged by a financial institution to a customer using a checking or savings account if certain requirements aren't met.
The adjustment, the lender said, will be applied to its 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 enterprise accounts such as your Business Current, Gold, and Platinum will benefit from the new arrangement.
“We’ve realised 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 the full value of their money,” said NCBA Group director of retail banking Tirus Mwithiga.
The bank hopes that the waiver will help accelerate its customer growth strategy resulting in the scaling of the retail banking footprint as part of the larger goal to increase affordability.
