On Monday 29th July, NCBA Bank Kenya announced that beginning July 1st 2024, they will no longer be charging monthly fees for their retail banking accounts. This update applies to both existing and new current accounts for all customers.
The new fee adjustment applies to consumer banking accounts such as 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.
Not only consumer accounts will be receiving the boost, but also Commercial and SME accounts like Business Current, Gold and Platinum accounts.
“We’ve realized 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 Mr. Titus Mwithiga, Group Director for Retail Banking at NCBA Bank.
He further explained that the removal of these fees, ushering in a new era, is a consequence of the NCBA bank watching out for their customers’ welfare by giving them more financial flexibility during these tough economic times.
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“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,” he added.
Waiving these fees is set to boost the Bank’s customer growth strategy. This move is expected to expand its Retail Banking presence, enhance affordability, and deliver financial solutions that focus on customer needs.
This change means the end-of-month maintenance fees will be based on the product type. Additionally, the banking industry has moved from ledger fee-based accounts to pay-as-you-go options with no maintenance fees.
