NAIROBI, Kenya Jun 29 – NIC Bank Group has launched the NIC Entrepreneur Account, providing customised business solutions for individual business needs.
The move comes as the bank continues to look for new ways to remain competitive in the Kenyan banking sector.
Speaking during the launch, NIC Bank Group Managing Director James Macharia said the new account aims at giving tailored solutions to clients in the midst of changing operating business environments.
“Our customers are very diverse in terms of sectors and we aim to have products that respond to all their needs without leaving anyone out,” Mr Macharia said.
NIC Personal Banking Director James Wainaina said the bank is also looking towards nurturing entrepreneurs at different stages of their business lifecycle by creating the NIC Entrepreneur Club.
The Club aims at providing a networking opportunity for customers while providing them with business skills that build their capacity to grow as a business.
Membership is by invitation and is open to NIC Entrepreneur account holders who will receive a personalised membership card that will allow them to participate in the upcoming workshops.
“Because we understand business customers need to have control of their finances, we now give them a choice of transactional accounts, including flat fee and pay-as-you earn that will facilitate all their transactional needs including payments, investments and receivables,” he said.
Additionally, customers will have a choice of business products well segmented to cater to their business profile.
Clients will also be able to access credit facilities to provide for their working capital needs through Overdrafts, Loans, Forex lines, Guarantee lines, Insurance Premium Financing, and Asset Financing.
“Due to the nature of businesses, our customers need 24/7 accessibility to a reliable and empowered business banker. As such, one of the key pivots of the new NIC Entrepreneur Account is access to an efficient Business Development Manager who will work with you, our business partner, to continually offer solutions that match your needs,” Mr Wainaina said.
He said information sharing under the Credit Reference Bureau is expected to further increase access to credit as it allows lenders to rapidly evaluate the risks associated with different borrowers unlike before when lenders had to use their in-house judgments.
“This will allow lenders, like us, have a cost effective tool to aid in assessing SME credit risk. At the same time, SME customers will benefit due to increased access for the lowest risk customers, fewer collateral requirements, lower interest rates and less restrictive payment terms,” he said.