National Bank launches multi-currency account for the Kenya NGO sector

By / Published June 22, 2015 | 7:48 am



national-bank-of-kenya

Fast growing lender, National Bank of Kenya (NBK)  has launched a value packed, multi-currency account targeted at Non Governmental Organizations (NGO) sector.

Engineered in close partnership with the NGO Cordination Board, the account becomes one of the first in Kenya to support a multi-currency receiver operation; enabling NGOs receive and pay in a number of foreign currencies from one account that will also have the full benefits of internet banking.

Speaking during the launch graced by more than 50 NGOs, Fazul Mahamed– Executive Director of the NGO Cordination Board said this sector specific innovation in banking was welcome reiterating the growing need for efficiency in the NGO sector especially for the organizations with operations in far flung locations in the region.

“National bank is fast changing the landscape of banking for the NGO sector. We are supporting the bank in this because we believe efficiency will further promote the impact NGOs have in executing their mandate in the region,” said Mr. Fazul. Nairobi as a regional financial hub has thousands of NGOs, some with operations across the borders.

Munir Sheikh Ahmed, CEO of National Bank of Kenya said with the launch of the Thamani account, NGOs now have at their service one of the most advanced banking products in Kenya. “As a bank, we have come a long way in our transformation since 2012. We have completed laying the foundation for the rising of a proud better bank. We are now at a phase committed to delivering uniquely innovated value products for the various market segments we address. We will be making a lot of announcements around product innovation,” said Mr. Munir.

Besides an online banking component, a dedicated relationship manager, NGOs operating the Thamani account will enjoy zero minimum balance, zero set up fee for internet banking, free cash deposit and withdrawals, free cheque book and statements and free incoming transfers from donors. Account holders will also have automatic membership to the National Bank Business Club as the bank takes deposit mobilization goal to a new level.

National Bank under Mr. Munir Ahmed has been under a turnaround strategy which has already borne substantial fruits for the bank and its shareholders, including a 35% asset growth in 2 years totaling to 55Billion and growing profits. The transformation strategy has so far entailed programs to streamline organizational structure, optimization of manpower and the introduction of an innovation culture supported by cutting edge banking technology.  The bank is now focused on developing products with great customer value propositions, expanding the National Bank delivery platforms, and staff development programmes seeking to build a high capacity team to deliver on the banks promise of being among the top 5 most profitable banks in Kenya by 2017.

Improving performance

National Bank’s Operating Profits grew at 45% CAGR (from 1.15b in 2012 to 2.43b in 2014). In Q1 2015 the Trading Profit grew 20% Year on Year to Ksh 707Million, heralding a stronger performance year ahead for Munir’s National Bank. In addition to a successful rebranding exercise, National bank has grown its brick and mortar presence countrywide with over  25 new branches, and invested in 40 off site ATMs while introducing Internet and Mobile Banking.

The restructuring of its operations also saw the bank embark on a Ksh1B Voluntary Early Retirement (VER) program for redundant employees which had addressed productivity, improving the Cost Income ratio.

Munir said National bank projects will increase profitability and growth this year, on the back of growing goodwill from its customers and Kenyans powered by the new brand and the transformation program.






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