NCBA Group has discontinued the monthly account maintenance fees for all retail banking accounts, with both current and new clients no longer being subject to these charges from July 1, 2024.
This policy change applies to a variety of account types, including consumer banking products 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. Business and SME customers will also benefit, as the waiver extends to Business Current, Gold, and Platinum accounts.
The bank’s decision is informed by a thorough understanding of the present economic conditions. NCBA acknowledges the importance of every shilling to its customers and aims to enhance the value they receive by removing these monthly fees.
Tirus Mwithiga, Group Director of Retail Banking at NCBA, highlighted the customer-focused motivation behind this initiative.
“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. Tirus Mwithiga, Group Director, Retail Banking at NCBA.
“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,” Mr. Tirus Mwithiga noted.
It is however important to note that while the monthly maintenance fees are abolished, customers will still incur charges for certain services and transactions as specified in NCBA’s published tariff guide.
“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” added Mr. Mwithiga.
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In addition to improving customer satisfaction, NCBA anticipates that this move will boost its customer acquisition strategy. The bank aims to broaden its retail banking reach and attract a larger clientele by making banking more cost-effective and accessible. This aligns with the broader industry trend of moving away from ledger fee-based accounts towards pay-as-you-go models without maintenance fees.