During the launch, NIC Personal Banking Director, James Wainaina, appreciated the value of the business community and stressed the bank’s commitment to nurture entrepreneurs at whatever stage of their business lifecycle. “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 ones that will facilitate all their transactional needs including Payments, Investments and Receivables”, he said.

Additionally, customers will have a choice of business products that are well segmented to cater to their business profile be it in transport, export and import business, agriculture, information technology and consultancy.

For their convenience, clients can also take advantage of innovative channels that allow easy access to accounts through multiple channels e.g. ATM, Mobile Banking, Online Banking and our Customer Contact Centre.

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, added Mr. Wainaina.

Although the accessibility of credit from formal financial institutions to businesses has been a thorny issue for a long time, the tide is changing in favor of businesses due to favorable policies by the Government.

For example, credit information sharing operationalized under the Banking (Credit Reference Bureau) Regulation 2008 is expected to further increase access to credit because it allows lenders to rapidly evaluate the risks associated with different borrowers based on objective and statistically validated criteria unlike before where lenders had to use their in-house judgments in evaluating applicants.

Credit Reference Bureaus have begun providing generic credit-risk scores. “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,” said Mr. Wainaina.  

“As such, we hope to extend to our valued customers increased access to credit subject to the assessment of the required documents,” he added.

Meanwhile, the NIC Entrepreneur Club is targeted for business people and is aimed 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 personalized membership card that will allow them to participate in the upcoming workshops.

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