Credit Bank launch a Clearing Solution for its Corporate Clients

Credit Bank has launched a service that brings banking closer to the comfort of homes and offices. 

The solution, which allows the clientele to bank cheques from the comfort of their premises is purposed to contribute in alleviate effects of numerous challenges of the ongoing Covid -19 crisis felt in almost every sector.

The financial services sector is currently facing challenges on multiple fronts globally where banks have reduced their opening hours and, in many cases, can only serve a few customers at a time due to social distancing rules.

Credit bank has enhanced their online platform services by providing free online money transfers services thus enhancing the delivery of their services including enhancement of limits on their mobile banking platform.

“We have opened virtual video conferencing applications like zoom and skype to meet our clientele virtually through their relationship managers. This situation requires constant, careful handling from requires institutions as they seek to reassure customers, respond to their concerns, and earn their trust during this volatile period.”

Eric Nyachae, Executive Officer – Strategy and Business Development, Credit Bank

The institution has also enabled its corporate clients by increasing efficiency during the COVID-19 times due to restricted movements by enabling the clients to access the banking solutions at their own premises and meeting banking needs on-demand. The solution allows clients to achieve a higher Straight-Through-Processing (STP), real-time visibility and higher levels of efficiency from payment initiation through to back-end processing.

Eric Nyachae, Executive Officer – Strategy and Business Development, Credit Bank said: “We are aware that businesses and customers are in need of additional help, and hence as Credit Bank, we have opened virtual video conferencing applications like zoom and skype to meet our clientele virtually through their relationship managers. This situation requires constant, careful handling from requires institutions as they seek to reassure customers, respond to their concerns, and earn their trust during this volatile period.”

According to McKinsey Report 2020, Kenya is facing a likely economic contraction. Under the contained-outbreak scenario, GDP growth could decline from 5.2 percent (after accounting for the 2020 locust invasion) to 1.9 percent—representing a reduction in GDP of $3 billion.

Among the biggest impacts in terms of loss to GDP are reductions in household and business spending (about 50 percent), disruption to supply chain for key inputs in machinery and chemicals (about 30 percent) and tourism (about 20 percent). In scenarios in which the outbreak is not contained, Kenya’s GDP growth rate could fall to negative -ve 5, representing a loss to GDP of $10 billion.

There are several measures we have undertaken to afford small business owners the ability to pivot. Reduced transaction costs on our digital platforms and free transactions on PesaLink are some of the measures.” He added.

“With the newly launched Clearing Solutions,  our corporates do not need to worry about coming to the bank, they can now process their cheques from the comfort of their premises as well as make ALL electronic transfers including paying their staff. We are committed to ensuring our customers feel supported as we walk this journey together,” said Nyachae.