Kenyan bank launches online banking

NIC Bank has launched NIC Online, an online banking system that will provide customers with easy access to banking services.

NIC Online allows customers to access banking services 24 hours a day to upload payments, in line with the bank's strategy to offer customers easy access to its financial services, said Alan Dodd, corporate banking director.

"We have spent a lot of time in establishing what our customers want, and we believe this is a remarkable value proposition for them. NIC customers will now be able to make transactions from the comfort of their office desks without necessarily having to physically visit the bank. It is an absolutely hassle-free system," said Dodd.

The Internet banking system will allow better cash management for companies and individuals and is part of an expansion strategy that includes the openings of two branches in Thika and Kisumu, Dodd added.

NIC expects the system to considerably lower banking costs, given that it is relatively cheap compared to bank branch charges. Companies will pay a monthly standing fee of US$15 for the service, and individuals will pay $1.50 per month.

E-payment, which allows corporate and business customers to make lump sum batch transfers, is currently available to customers, and NIC plans to have an e-trade feature before the end of the year to help its customers conduct international trade online. Online banking in Kenya had previously been limited to checking account statements and balances and transfers within the bank network.