Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
The product dubbed Sidian Credible has been touted as safe and secure by the commercial bank considered a leader in trade finance/Sidian Bank

Corporate

Sidian Bank expands its trade finance market with launch of online bid bond platform

NAIROBI, Kenya, Oct 23 – Sidian Bank has launched a revamped web-based application that allows both existing and potential customers of the Bank to generate bid bonds from anywhere, anytime and on any device.

The product dubbed Sidian Credible has been touted as safe and secure by the commercial bank considered a leader in trade finance.

The solution is a self-service platform that responds to customers’ needs for convenience, efficiency and quick turn-around time which are critical in any tendering process.

Sidian Bank entered the Trade Finance space five years ago, making it one of the Bank’s focus area.

The Head-Corporate Banking and Trade Finance, Beatrice Kamiri observed: “Through Trade Finance tailor-made solutions, the Bank has seen many of its customers’ unlock their business potential leading to timely application of bid bonds and saving costs leading to tremendous growth in profitability while others have spread wings across the African region.”

The Sidian Credible platform aims to offer customers choice and convenience.

The solution is a departure from the manual process of securing bid bonds and it embraces technology as the next big frontier.

In addition to responding to customers’ needs, the application aims at aligning with the Government’s initiative and vision of e-procurement.

The Bank’s vision has been to be the preferred partner in realizing entrepreneurial potential in the country and to enable entrepreneurs create wealth through provision of transformational financial solutions targeting the micro, small and medium enterprise (MSME) sector by providing an array of banking services and solutions.

Advertisement. Scroll to continue reading.

“The product launch is therefore a new dawn and a new experience to our customers at Sidian Bank as well as our potential Customers,” the bank’s Chief Commercial Officer, Tim Gitonga said

“This has been as a result of fundamental re-thinking and radical redesign of the current processes, placing the customer need for efficiency and timely solutions first. The solution also is in line with the Bank’s rethink to reduce physical contact in line with COVID-19 control measures.”

Reflecting on the growth of Sidian Bank generally, and especially with respect to Trade Finance solutions, Sidian Bank Chief Executive Officer, Chege Thumbi said the new platform will herald efficient service delivery.

“Sidian Credible is a huge milestone for us and the solution actually sets us apart as Leaders/ Frontiers in the Trade Finance space. The product we are launching today therefore goes a long way to affirm this position and to demonstrate our commitment to sustain this growth trajectory as we grow together with our customer businesses. We are most grateful to our customers for giving us an opportunity to serve them and witness the turnaround of their businesses. This product is a win for us together.”

The authenticity of the bid bonds generated is validated by a QR code embedded in the guarantee.

In addition, the bid bonds are auto-signed by Authorized Signatories of the Bank. The platform is accessible by both Sidian and Non-Sidian customers. To the latter, the system has capability for self on-boarding and generation of a bid bond.

The self-on boarding process for Non-Sidian customers entail an automatic and instant verification of keyed in customer’s information against credible sources availed to the banking industry by the government.

 

Advertisement. Scroll to continue reading.
Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...