The recent move by Barclays Bank of Kenya to scrap its transaction charges for it’s ATM withdrawals and balance enquiries at its 236 machines as well as internet transactions and those happening through the mobile phone is an indeed welcome move for the banking Kenyans.
Besides making it the first bank in the Kenyan market to offer these services for free, it will definitely change the landscape especially in the retail banking sub-sector.
This will make it the first bank in Kenya to offer ATM withdrawals for free without having a fixed monthly charge.
“This new offers are in line with our strategy to enhance customer service, support branch expansion and improve management of customer complaints and resolution,” said by Adan Mohamed (Barclays Bank Managing Director East and West Africa)
It will probably see a major increase in its retail customers as this move will obviously appeal to the majority of salaried clients across the country who use the ATMs to access their salaries, and the alerts through mobile phones.
A major benefit for the Bank is of course an increase in customer numbers, and availability of cheap, stable deposits from these segments, which they can on lend to the personal loans category. Coupled with their good branch network and an impressive asset base, this is a winning strategy for BBK. No wonder they have revamped their Personal loans lately.
Count me on as a BBK client soon. Food for thought for other banks to borrow the cue!
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