National Bank of Kenya bets on cashlite system to grow revenue
Kenya’s tier 2 lender National Bank of Kenya is looking at growing non-interest income avenues occasioned by the capping of interest rates last year which has so far slashed interest earnings on loans.
The lender says it is betting on cashlite payment solutions suite that manages cash and business processes for state ministries, counties and agencies.
The state-owned lender has also introduced a collections cashlite system for selected higher learning institutions targeting students and lecturers in a bid to grow earnings from fees and commissions.
This includes a smartcard that enables students to access services such as student registration, management of Higher Education Loans Board's wallets and other school based facilities.
“Our solutions which have come full circle to real time updates, now enable most government agencies to collect Kebs levy, sugar levy, excise duty, land rent, turnover tax, stamp duty, and motor vehicle fees,” NBK chief executive Wilfred Musau said in a statement.”
This has been successful because of the host to host system connectivity between the bank and these agencies and counties.”
The launch is part of the bank’s restructuring to increase self service channels for its customers. “The bank is dedicated to excellence in providing competitive financial solutions and meeting the changing customer needs,” Musau said.