NCBA Group has announced a significant change in its fee structure, eliminating monthly account maintenance fees for all retail banking accounts effective from July 1, 2024. This move is set to benefit both existing and new customers across a range of account products.
The fee waiver will apply to a variety of consumer banking accounts, including 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. Additionally, commercial and SME accounts such as Business Current, Gold, and Platinum accounts will also see the benefits of this new adjustment.
Mr. Tirus Mwithiga, Group Director of Retail Banking at NCBA, emphasized the bank’s commitment to providing value to its customers amidst challenging economic conditions. “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,” he said. “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.”
Under this new structure, clients will only incur charges for specific services and transactions they utilize, as per the bank’s published tariff guide. This approach is expected to accelerate NCBA’s customer growth strategy and expand its retail banking footprint, making financial solutions more affordable and customer-centric.
The shift away from monthly maintenance fees, which will reflect in the fees charged at the end of each month based on the account type, aligns with the broader banking industry trend of moving from ledger fee-based accounts to a pay-as-you-go model. This strategy not only enhances customer satisfaction but also positions NCBA as a forward-thinking institution responsive to the needs of its clientele.
NCBA’s decision to waive monthly account maintenance fees marks a significant step in enhancing customer value and affordability, setting a precedent in the banking sector and demonstrating the bank’s dedication to its customers’ financial well-being during economically challenging times.