Commissions galore if you take clients to Jamii Bora

September 4, 2012
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Dubbed Jiinue Na Marafiki – Milele, it is a revenue sharing concept that allows both staff and customers who have introduced clients to the bank to receive a percentage of commissions/FILE

, NAIROBI, Kenya, Sept 4 – Jamii Bora Bank has launched a customer recruitment drive with an incentive for customers to earn a commission for every new client they introduce to the bank.

Dubbed Jiinue Na Marafiki – Milele, it is a revenue sharing concept that allows both staff and customers who have introduced clients to the bank to receive a percentage of commissions earned by the bank from that account for as long as the new account remains active.

Jamii Bora Bank CEO Sam Kimani revealed that customers who participate in the program will earn an additional five to 10 percent of commissions earned from the introduced account per month, arguing his was the first bank in the world to share profits with staff and customers.

“We have effectively opened up the possibility for one to generate additional income simply by introducing their friends to open a personal or business account,” he said.

“If you introduce a customer today and they are with us for the next 10 years, you’ll be earning commissions and sharing in our profits for that period,” he explained.

Kimani noted that the product was tested successfully last month by staff members and explained that customers who introduce the bank to new people would be credited with a percentage commission at the end of each month.

“We will credit the account of the introducer monthly at the end of every month and there is no limit to the number of accounts one can introduce,” he explained.

“At Jamii Bora we feel that since you went out of your way to refer or introduce a customer to us then we feel you are entitled to part of the revenue we earn from that customer. Effectively Jamii Bora is answering the question that has been on the minds of many Kenyans – what does my bank do for me?” he said.

In addition to the commission sharing program, Kimani said Jamii Bora Bank has implemented customer-friendly initiatives in the past aimed at growing the young bank’s customer base.

In 2011, the bank registered another first, embarking on a project with its sister company, Jamii Bora Makao, that would see it offering low cost houses and mortgages to the public.

The mortgage product at Jamii Bora has since improved with the bank now offering a loan to buy or construct a house/property to live in or for investment, a shamba loan to buy a plot for future development and even an opportunity to obtain value from existing owned property.

The mortgage is open to all and covers salaried persons, micro clients organised into groups, self-employed persons, partnerships, companies, investment groups, Sacco’s, Diaspora and joint borrowers.

“In view of the ongoing economic challenges, the bank is committed to providing ways where ordinary Kenyans can become involved in the growing financial services sector and give them an alternative income stream to help them achieve their dreams,” he explained.

The bank’s customers can also now access Western Union money transfer services from the bank’s branches countrywide following the signing of an agreement between Jamii Bora Bank and KCB in August, which makes the bank a Western Union sub-agent on a revenue-share basis with KCB.

Kimani noted that the bank is eyeing the Diaspora market with the money transfer service giving Kenyans living in the Diaspora an alternative outlet to remit money back home.

According to the Central Bank of Kenya, it is estimated that close to Sh8 billion is remitted into the country every month by the more than 3.5 million Kenyans living abroad.

In February, Kimani announced plans to open a new branch each month this year to meet its target of 12 branches for 2012, as it seeks to mitigate earning losses of Sh37 million in 2011 and a loss of Sh77 million in 2010.

This year the bank opened eight new branches and they are currently building a branch in Thika and Kawangware which will be open for business in the next few weeks.

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