NCBA Group and Visa have partnered to launch a new online platform called Visa Spend Clarity, which is tailored for NCBA’s commercial card clients. This platform provides businesses with a comprehensive view of their expenditures and enhances their overhead reporting capabilities.
Visa Spend Clarity is a versatile platform that is available in both web and mobile app formats. It can be tailored to meet specific needs, offering various access levels and empowering corporate stakeholders with relevant reports and data. Additionally, the data can be seamlessly integrated with ERP systems or extracted for uploading into accounting platforms.
One of the key features of Visa Spend Clarity is its expense management capabilities. The platform facilitates the digitalization of the expense claim process, rendering it paperless with features such as OCR and receipt upload along with the ability to set multiple approval levels.
NCBA Group’s Retail Director, Tirus Mwithiga, expressed his enthusiasm about the launch of Visa Spend Clarity, emphasizing the bank’s commitment to meeting the needs of its customers. He believes that the platform is a pivotal step in assisting corporate clients with their expense management, setting the stage for the bank’s continued growth and expansion.
Visa Kenya Country Manager, Eva Ngigi-Sarwari, highlighted the value of the insights provided by Visa Spend Clarity in enabling businesses to make more informed decisions regarding their expenditures, thereby enhancing their financial management capabilities. She underlined the joint commitment of Visa and NCBA to digital transformation, offering businesses tools that are not only convenient and secure but also customizable.
The introduction of the Visa Spend Clarity tool aligns with NCBA’s broader strategy of enhancing its digital offerings and connecting customers to new digital channels. In 2022, the bank successfully onboarded 146 new corporate customers, resulting in a substantial increase in its gross loan book, from Sh8 billion to Sh171 billion, and deposits, from Sh6 billion to Sh243 billion. This remarkable growth was accompanied by an 87% increase in the division’s operating profit, which reached Sh10.5 billion.