NCBA Group has unveiled a new mobile application as it seeks to enhance digital banking penetration and enrich the customer experience for its clients in the East African region.
Dubbed ‘NCBA Now’, the platform offers a range of services spanning real-time account monitoring and card management, service requests and customisable alerts, money transfer options, bill payments, as well as instant mobile wallet transactions.
The lender says the app is available for download on Google PlayStore and the App Store.
NCBA Group managing director John Gachora said the lender aims to improve financial inclusion and customer experience through digital products.
“As a digitally-led financial institution, we want to play a big role in enhancing financial inclusion across our markets in the East African region through innovative financial solutions that cater to market needs and also produce products that address the challenges our customers are facing,” he said at the launch.
NCBA plans to roll out the app to other regional markets, including Rwanda and Côte d’Ivoire.
The financial services sector has in recent years witnessed a growing preference for mobile money wallets, complemented by agency banking.
During the full year, ended last December, NCBA posted a 55.7 percent growth in net profit to hit Sh21.4 billion, up from Sh13.7 billion in 2022.
In Kenya, the adoption of mobile payments skyrocketed at the onset of the Covid-19 pandemic in mid-March 2020 following the waiver of charges on low-ticket transactions that was aimed at reducing the use of cash as a measure to contain the spread of the virus.
Last Monday, the lender announced the increase of its base lending rates on new and existing loans on what it termed as ongoing changes in the macroeconomic environment.
In the revision, rates for shilling-denominated loans rose to 17.5 percent up from 16.5 percent while the rates for dollar loans increased to 11.75 percent from 11 percent.
Those with existing loans with variable rates will see their repayment costs rise from May 21, 2024.
