NCBA Eliminates Monthly Maintenance Fees for Retail Bank Accounts
NCBA Group has eliminated monthly account maintenance fees for all retail banking accounts. Effective July 1, 2024, both existing and new customers will no longer incur these charges.
This decision will be applicable to a wide range of account types, including consumer banking options like 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.
Commercial and SME customers also stand to benefit with the waiver applied to Business Current, Gold, and Platinum accounts.
The bank’s rationale for this change is rooted in a deep understanding of the current economic climate. NCBA recognizes that every shilling counts for customers, and by removing monthly fees, they aim to maximize the value customers derive from their money.
Tirus Mwithiga, Group Director of Retail Banking at NCBA, emphasized the customer-centric approach behind this decision.
“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.
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It’s important to note that while the monthly maintenance fees are eliminated, customers will still incur charges for specific services and transactions as outlined 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.
Beyond enhancing customer satisfaction, NCBA expects this move to accelerate its customer growth strategy. The bank aims to expand its retail banking footprint and attract a larger customer base by making banking more affordable and accessible.
This aligns with the broader industry trend of shifting from ledger fee-based accounts to pay-as-you-go models without maintenance fees.
