To prioritize customers and ease the strain on their wallets, while aiming to attract over 1 million customers by year’s end, NCBA Bank is strategically focusing on its no monthly maintenance fee policy for retail bank accounts.

This change is expected to impact all existing and new customers, as well as Commercial and SME Banking current account products.

The move aims to revolutionize the industry and relieve individuals and businesses facing financial difficulties during these challenging economic times.

This change will improve customers’ financial flexibility, promote better money management, and give them more control over their finances, in line with the bank’s tagline, ‘Go For It’.

In turn, the bank anticipates this customer-centric solution to boost financial well-being, retain and attract new customers.

“NCBA remains conscious of the rising economic hardships in the country. We heard our customers/Kenyans’ feedback and being a customer-centric financial institution, we have placed our customers/Kenyans’ interests at the heart of our innovations and operations,” read part of a statement by the bank.

NCBA waives account maintenance fees for retail banking customers

The change will affect a variety of consumer banking accounts, 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 accounts.

The commercial and SME accounts affected by this change include Business Current, Gold, and Platinum accounts.

Most Kenyans believe that banks charge high monthly maintenance fees for accounts. In response, NCBA bank has made a smart move by ditching the old ledger-based accounts and moving to a pay-as-you-go model with zero maintenance fees.

This affordable solution aims to attract new customers and boost deposits, all while positioning NCBA as the go-to bank for the majority of Kenyans.

“Amid challenging economic conditions, NCBA Bank’s commitment to no monthly maintenance fees underscores its dedication to supporting financial well-being.”

A recent report by the Central Bank of Kenya revealed that NCBA registered the highest growth profit among lenders with an astonishing 56% increase to Sh. 21.5 billion. Their customer base has also tripled due to their aggressive focus on customer satisfaction.

Notably, NCBA bank was the leading lender in Kenya with 416,481 accounts with balances exceeding Sh. 500,000.

“By waiving these fees, we offer a buffer that allows customers to maximize their funds, especially during challenging economic times,” stated Tirus Mwithiga, Group Director of Retail Banking at NCBA.