NAIROBI, Kenya, Mar 31 – Bank of Africa (BOA) has said it is looking towards developing niche products to attract customers as well as growing its customer base.
Speaking during the launch of the Wakili Account, a banking solution for lawyers, BOA Managing Director Kwame Ahadzi said the bank wanted to address the needs of unique market segments with tailor-made solutions.
Mr Ahadzi said research had shown lawyers did not have solutions that address their financial needs and yet by virtue of their work, they come into constant contact with money.
“Prudent management of this income is what Bank of Africa intends to offer the legal fraternity through the Wakili Account,” he said.
The Wakili Account is designed to offer legal firms numerous benefits for their client accounts and office current accounts.
These include reduced ledger fees, monthly interest payment on the cleared available balance in both the local unit and foreign currency, no charges in withdrawal or deposit of Kenya shillings over the counter, no charges on internal transfers, no charges on incoming wire transfers and premium deposit rates for call and fixed deposits.
The launch was graced by the newly-elected LSK chairman Kenneth Akide who lauded Bank of Africa for the targeted product.
Citing credibility issues that have dented the legal fraternity as a result of financial misappropriation of clients’ funds, Mr Akide urged lawyers to look at embracing these solutions as a step towards upholding the legal fraternity reputation.
Mr Ahadzi challenged lawyers to look beyond a small practice and partner with the bank as a partner in growing and expanding their practice.
He added that with Africa as the last frontier and many international organizations setting up shop in the continent, corporate law opportunities were set to multiply but only for legal firms that display and present a corporate image – birds of a feather will flock together.
“This corporate identity can and will be achieved partly by a makeover that financial institutions will be at the heart of – in offering financial advice and funds to change and develop a new ambiance and face for legal firms,” Mr Ahadzi said.