Bank Review—Everything you need to know about NCBA Bank
NCBA Bank is one of the largest financial institutions in Kenya. It was formed from a merger NIC Bank Group and Commercial Bank of Africa Group (CBA)
NCBA Bank Kenya, a subsidiary of NCBA Group Plc, is a commercial bank in Kenya that provides financial services to individuals, businesses, and corporations.
NCBA Bank is one of the largest financial institutions in Kenya. In 2021, it had a total asset base of KES 444 Billion ($3,802,196,220.00) and a shareholder’s equity of KES 65 Billion ($5,138,103,000.00).
This article covers the products offered by NCBA bank, its mobile banking services, and how to register for the new NCBA mobile bank app.
History of NCBA Bank Kenya
NCBA Bank Kenya Plc is the result of the merger between NIC Bank Group and Commercial Bank of Africa Group (CBA).
The NIC Bank Group was formed when Standard Bank Limited of South Africa and Mercantile Credit Company Limited of the United Kingdom merged in 1959.
The NIC Bank Group operated as a non-banking financial institution until it obtained its banking license.
In 2016, after undergoing reconstruction, the NIC Bank group created a new subsidiary called the NIC Bank Kenya Plc.
The Commercial Bank of Africa (CBA) was established in 1962 as a subsidiary of the Swiss-based Société Financière pour les Pays d'Outre-Mer (SFOM). The CBA established branches in Kenya and other countries in East Africa.
NIC Bank Group and The Commercial Bank of Africa began merger discussions on the 6th of December, 2018. This merger was approved by shareholders in April 2019 and John Gachora was announced as the Group Managing Director in June 2019.
The Central Bank of Kenya and the Cabinet Secretary of the National Treasury approved the merger in September 2019.
The approval gave the two companies the right to officially rename the bank branches controlled by the merged companies to NCBA Bank Kenya.
The NCBA citizenship initiative
The NCBA citizenship is an initiative by NCBA bank to promote growth in four areas: financial innovation, youth education and enterprise, environment and natural resources, and health and wellness.
The NCBA initiative works closely with foundations and organisations to achieve their goals.
You can learn more about its programs and success stories here.
Products and services offered by NCBA Bank
The NCBA offers bank accounts, loans, insurance, and investment products to individuals, businesses, corporations, and Kenyans in the diaspora. These products and services are:
NCBAs personal bank accounts
NCBA Bank offers bank accounts that can be used to make transactions or save money.
Customers can choose between a current or savings personal bank account. Some of NCBAs personal bank accounts are:
At work account
This is a current account for employees that have been registered by their employers for NCBAs workplace banking schemes.
No amount is required to open the account and maintenance fees are not charged to the account.
Salary account
NCBA’s salary account is a current account for employees that need a low-cost transaction account.
No amount is required to open an NCBA salary account, but a monthly fee of KES 210 ($1.80) is charged to the account.
Other NCBA current accounts are the go banking account, gold pay-as-you-go, platinum flexi, platinum pay-as-you-go account, student account, and wiser account.
Gold savings account
The Gold savings account is a savings account that allows individuals to earn interest on any amount over KES 5,000 ($42.82). A minimum amount of KES 2000 ($17.13) is required to open the account.
Junior savings account
A junior savings account is a savings account opened on behalf of children. The bank also pays interest on amounts over KES 5,000 ($42.82).
A minimum amount of KES 2000 ($17.13) is required to open the account.
Premier savings account
A premier savings account is a savings account that can also be used to access loans of up to 95% of the amount in the account. A minimum amount of KES 100,00 ($856.35) is required to open the account.
You can open an NCBA savings or current personal bank account by filling out the form on its website or visiting an NCBA bank branch near you.
NCBA Bank’s personal loan products
These are loans individuals can use to purchase homes or solve a personal need. NCBAs loans are grouped into 3 main categories: property finance, personal loans, and asset finance. Some of NCBSs loan products are:
Overdrafts
This is a personal, flexible, and instant loan that is available to people who have been banking with NCBA for at least one year.
With overdrafts, individuals can withdraw more than the amount in their account and pay it back at a later date. NCBAs overdrafts are available in Kenyan Shillings, US Dollars, Euros, and Pounds. Other personal loans offered by NCBA are Personal loans, M-Shwari, and Fuliza M-Pesa.
You can learn more and apply for an NCBA loan here or by visiting an NCBA bank branch near you.
Home loans
These are property finance loans used to purchase or build a house. NCBAs home loans cover up to 105% of the value of the property.
Home loans have a maximum repayment period of 25 years.
NCBAs home loan process
- Submit a filled and signed NCBA home loan application form with the required documents. You can get the form at an NCBA Bank branch or in the downloads section of the NCBAs website.
- Wait for the request to be approved
- Fulfill the conditions outlined in the offer letter from NCBA
- Undergo a property valuation check by an NCBA-approved valuer.
- The title of the property is transferred by an NCBA-approved lawyer
- The requested loan amount is deposited in your account
Other types of NCBAs property loans are the easy build loan, plot loans, and equity release.
Logbook loans
This is an asset finance loan that allows individuals to provide their car as collateral. The car must not be more than 15 years old. The minimum loan amount is KShs.100,000 ($856.35)
You can apply for a logbook loan on the NCBA website or at an NCBA Bank branch near you. You can also learn more about NCBA's individual asset finance loans here.
NCBA Bank’s business and corporate solutions
There are bank accounts, cash management services, and loans offered to businesses and corporations. Some of its business and corporate solutions are:
Business collection account
Business collection accounts are for institutions like schools, churches, real estate management, etc. that process high volumes of money.
These accounts enjoy access to a relationship manager and free incoming funds transfers. No amount is required to open a business collection account.
Business current account
Business current accounts are for young and growing businesses that want a flexible banking option. Business current accounts are eligible for MPesa services and overdraft facilities from NCBA bank.
A monthly fee of KES 350 ($350) is charged to the account. A minimum amount of KES 2000 ($17.13) is required to open the account.
Business platinum account
A business platinum account is a current account for businesses that process high transaction volumes frequently. Business platinum accounts enjoy discounts on above KES 1 million ($8,562.38).
They also get access to a relationship manager and membership to the NCBA business club. A minimum amount of KES 2000 ($17.13) is required to open the account and a monthly fee of KES 2500 ($21.41) is charged to the account. Other business current accounts are Business gold account and Business pay-as-you-go.
Businesses can learn more and apply for a business account by filling out the form on its website here or by visiting an NCBA bank branch.
Business saver account
A business saver account is an interest-earning account that allows businesses to save.
Interest is paid on amounts over KES 50,000 ($428.12) and a minimum amount of KES 2000 ($17.13) is required to open the account.
Businesses can learn more and apply for a business saver account by filling the form on its website here or by visiting an NCBA bank branch.
Corporate current account
Corporate current accounts are automatically qualified for NCBAs credit facilities, corporate credit cards, and various payment and collection solutions.
They also get access to a dedicated relationship manager. The account is available in Kenyan Shillings or other major foreign currencies. Corporations can learn more and sign up for a corporate current account by visiting an NCBA bank branch.
NCBAs business collection Solutions
This is a set of cash management tools offered to businesses by NCBA Bank. These tools help businesses of all sizes:
- Receive direct and mobile money payments from customers
- Make their tax payments through the NCBAs internet portal and physical branch locations
- Enjoy a structured cash-in-transit tailored to your needs
- Enjoy reduced rates on large deposits
- Make bulk payments to employees or vendors
Businesses can learn more and sign up for NCBA's business collection solutions by visiting an NCBA bank branch.
Asset finance loans
These are loans that allow businesses to purchase new or used assets that they need.
NCBAs asset finance loans for businesses and corporations are expand-a-loan, insurance premium financing, vehicle and equipment leasing, and vehicles on auction. Businesses can start the application process by filling out the finance asset application form on NCBAs website here.
NCBA also offers property and operational loans to businesses and corporations. They can be accessed by visiting an NCBA Bank branch.
NCBA Bank diaspora banking products
These are NCBA bank products tailored for Kenyans in the diaspora. They are split into 3 categories: diaspora build, diaspora bound, and diaspora borrow.
Diaspora build
These are NCBA Bank’s insurance, investment, and wealth management products available to Kenyans in the diaspora. You can learn more and sign up for NCBA Bank’s diaspora build products here.
Diaspora bound
These are NCBA bank accounts and payment options offered to Kenyans in the diaspora. The NCBA diaspora account can be opened online and operated from any country. The account can also be used to pay taxes and transfer money locally and internationally. No amount is required to open a diaspora account.
Diaspora borrow
These are NCBA loan products Kenyans in the diaspora can apply for. Diaspora borrow offers different types of asset finance, property finance, and secured financial loans. Kenyans in the diaspora can learn more and apply for NCBA’s diaspora banking services options here.
NCBA Bank’s insurance and investment products
NCBA Bank offers insurance products to individuals, businesses, and corporations through its intermediary- NCBA Bancassurance Intermediary Limited.
The NCBA Bancassurance Intermediary Limited is regulated by Kenya’s insurance regulatory authority and its insurance offerings are split into 3 main categories: personal, business, and corporate
NCBA Bank’s personal insurance products are:
- Insurance premium financing (IPF)
- Home Insurance
- Credit life
- Last expense
- Card insurance
- Car insurance
- Health insurance
- Income protector
- Critical illness
- Travel insurance
- Personal accident
NCBA Bank’s business insurance products are:
- Insurance premium financing (IPF)
- Keyman risk insurance
- Work injury benefits act (WIBA)
- Group health cover
- Property insurance
- Fire consequential loss
- Fire and perils
- Business loan protector
- Business interruption
NCBA Bank’s corporate insurance products are:
- Fidelity guarantee
- Products liability
- Property insurance
- Employers liability
- Work injury benefits act (WIBA)
- Group personal accident
- Group life and pensions
- Group medical cover
- Group health cover
- Property insurance
- Fire consequential loss
You can learn more about each insurance offering on the NCBA Bancassurance Intermediary website. NCBA Bank also offers advisory services, wealth management, and brokerage investment solutions through its subsidiary, the NCBA Investment Bank.
You can learn more about its investment solutions here.
NCBAs mobile banking
NCBA mobile banking allows customers to manage their accounts, pay bills, and transfer money via a USSD code(*448#), the NCBA Now bank app, and the NCBA internet portal.
You can register for NCBAs mobile banking by dialing *448# or by filling out its mobile & internet banking form here.
After registering for mobile banking, download the NCBA Now app from the Playstore and Appstore and follow the prompts to get started. Old NIC Bank Kenya and Commercial Bank of Kenya (CBA) app users can migrate to the new NCBA Now bank app by following the steps here.
NCBAs money transfer
NCBA Bank’s customers living in Kenya or abroad can make local and international money transfers from their NCBA bank accounts. NCBA customers can send money through:
- Western Union
- World Remit
- MoneyGram
- Wave
- Exchange 4 free
- Visa Direct
- Swift
- NCBA Now app
- M-PESA
How to transfer money from MPesa to an NCBABank account
- Open Safaricom or MPesa menu on your mobile phone
- Select Lipa Na Mpesa
- Select Paybill
- Input NCBAs paybill number (880100)
- Input the recipients account number
- Input your PIN
- Confirm the transaction details
- Press send
NCBA bank cards
NCBA offers credit and prepaid cards to individuals and businesses.
NCBA prepaid Card
The NCBA prepaid card allows you to pay for bills in USD, Euros or Kenya Shillings. The card is processed within 15 minutes and money can be added to the card through cash deposit, RTGS, inter-account transfers, the NCBA Now app, and M-Pesa.
The card can also be used to access NCBAs self-service customer portal. You can apply for an NCBA prepaid card online or at any NCBA Bank branch near you.
NCBA gift cards
NCBA gift is a type of prepaid card. It is valid for 3 years and it can be used locally and internationally. You can apply for an NCBA gift card here
NCBA credit cards
NCBA offers 6 types of credit cards to its customers: the Infinite credit card, the Signature credit card, the Platinum credit card, the Business credit card, the Gold credit card, and the Classic credit card. You can learn more about each card here
NCBA business credit card
The NCBA business credit card is for business owners to manage their costs and access a flexible credit line for their business. The card can be opened in Kenya Shillings or USD. Businesses can apply for the NCBA business credit card online or at any NCBA Bank branch near you.
Frequently asked questions
What is NCBA connect?
NCBA connect is the internet banking system for NCBA's corporate and business customers.
Businesses and corporations can register for NCBA connect by filling out the application form at an NCBA Bank branch. Businesses that have completed the signup process can access the portal here.
What is NCBA paybill number
NCBA paybill number is 880100
What is the NCBA contact information
Head office address- Mara and Ragati Road, Upperhill, P.O Box 44599-00100, Nairobi Kenya
Telephone number: +254 20 2884444
Toll-free fax number: 00800007788
What is NCBA Bank’s customer care number
You can call +254 20 2884444, +254 711 056444, +254 732 156444, and 0800 720 444 to speak with an NCBABank customer care agent.
You can also fill out the customer care enquiry form on the NCBA website here
What is NCBA swift code
NCBAs SWIFT code is CBAFKENX
Where can I find an NCBABank branch
You can find an NCBA Bank Kenya branch, ATM, or cash deposit machine here.
What is NCBA Bank’s website
You can visit NCBA Bank’s website here.
NCBA is also active on Facebook, Twitter, LinkedIn, Instagram, and YouTube.
Conclusion
NCBAs wide range of product offerings can be attributed to the merger between NIC Bank group Plc and the Commercial Bank of Africa. But there are still some issues that need to be sorted out. For example, the website does not provide much information on the requirements people need to apply for bank accounts and other products.
There have also been complaints about the bank’s customer service and its mobile banking platform. Hopefully, these are short-term and not long-term problems for the newly merged bank.