The NIC CBA merger into NCBA aimed at bringing the best in class retail and corporate banks with strong potential, growth in both aspects of banking and wealth management is now entering its final stages of post-merger systems integration process with just a few weeks into its completion so as to be able to deliver on its promise of an excellent physical and banking experience.
Initially, NCBA had promised a seamless transition for both the NIC and CBA customers, but in the process of integration, NCBA has made some necessary changes to address the challenges that the customers may be facing after the transition and the upgrades in its system of operations that could have impacted in the customers’ transactions.
1. Payment Clearances
- Real-Time Gross Settlement (RTGS): These transactions done via digital channels after 3.30 pm will be released to the beneficiary bank on the next working day. Transactions processed on weekends and public holidays will also be released to the beneficiary bank on the next working day.
- Electronic Funds Transfers (EFT) and Telegraphic Transfers (TT): Such transactions done via online banking after 8.00 pm will be processed with the next working day’s value date.
- All transfer instructions to the third party: To secure an account, all transfers to third party accounts (any accounts other than own account) will need to be accompanied with a cheque leaf.
- Cheques deposited into former CBA accounts at any NCBA account will clear on the same day.
- Cash deposits: One can deposit cash conveniently into your account and get real-time value at any of our NCBA cash depositor machines
- Incoming Payments: With effect from March 2020, all incoming payments will be cleared through the Swift Code CBAFKENX, and the bank code 07000
2. Foreign Currency Transaction via internet Banking
For amounts below USD 5,000 or the equivalent in other currencies, the day’s counter rate will be picked by default when making a transaction. Customers are advised to contact the NCBA Global Markets or Treasury team for a favorable rate for any amount above USD 5,000 or the equivalent in other currencies.
3. Account Holders
- Bankers’ Cheques will only be issued to NCBA account holders.
- Transfer of one’s account tools: Cheque books, Visa Business cards or pins from domicile to another NCBA branch for collection, one has to Instruct NCBA through a signed letter as per the account signing mandate. To be collected within three months once they are ready at the domicile branch.
- Statistic Data: A photograph and signature will be maintained in its records for any individual presenting instructions from the customers’ company.
- Email indemnity: This service allows one to instruct us via email to execute financial and non-financial transactions. Prior to this, each account needs to be signed up for the service.
4. Investments
- Debentures shall be adopted on the lower of the business range as defined by the Bank
- Asset Finance: Customers can now enjoy quicker turnaround times of up to 7 times faster than the industry average in processing asset finance loans at NCBA.