NCBA has announced a waiver of monthly maintenance fees for all retail banking accounts from 1st July, 2024. This change will affect existing current account products and new products applicable for incoming customers.
The new adjustment will be applicable to consumer banking account types including the 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 SME accounts such as your Business Current, Gold and Platinum will benefit from the waiver.
According to NCBA, the new waiver of these fees will help accelerate the its customer growth strategy. In turn, this is expected to scale its Retail Banking footprint in a bid to increase affordability and provide customer focused financial solutions. Additionally, the move will reflect on maintenance fees charged at the end of the month based on the product type, since the banking industry has moved from ledger fee-based accounts to pay as you go with no maintenance fees.
Speaking while making the announcement, Tirus Mwithiga, Group Director for Retail Banking at NCBA said, “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. 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. With this change, clients will only incur banks charges for services and transactions that they have specifically utilized and which remain unchanged as per our published tariff guide.”