Bank Of Africa launches “Goodwill Current Account,”

Bank of Africa “BOA” has announced their push it into non-profit sector with the launch of its” Goodwill Current Account,” specifically tailor made to suit this segment. The product launched is to support the large number of local and International Organizations, Non- Governmental Organizations, Donor funded projects, Religious organizations, Diplomatic Missions, Charities, Community Based Organizations and Foundations in the country.

“Non-profit organizations have contributed immensely in the development of this country, and we also recognize that most of these organizations serve the larger Eastern Africa region from Nairobi. It is in the spirit of giving embraced by these organizations that BOA named the account ‘Goodwill’ whose package enables the formation of a close partnership with the Bank, BOA CEO Mr. kwame Ahadzi Said.

“Compared to our normal current account products, the Goodwill Account is much cheaper to operate because most of the maintenance and operating costs have been waived. I am very encouraged by the response so far, as many non-profit organizations have started opening project accounts at BOA,” opined Kwame,

Mr. Kwame also said that with the recognition of this major sector, the bank has opened a new branch opposite Uchumi Hyper at Bishop Magua Building on Ngong Road. “We have strategically opened the this branch to serve this area which has seen an influx of these organizations especially NGOs, and as an addition to the 12 branches operated by Bank of Africa across the country,” said Mr. Kwame, adding that “this product will be available in all our branches countrywide to cater for the wide footprint that non-profit organizations have in Kenya.

Some of the costs waived in the Goodwill basket include; monthly ledger fees, cheque book costs, withdrawal and deposit of Kenya Shillings, internal transfers from one account to another within BOA, incoming wire transfers, banker’s cheques and interim statements. This account will also not require a minimum operating balance.

The accounts also has some concessions including; preferential exchange rates for foreign currency conversions in all major currencies, reduced charges on SWIFT transfer sent abroad and low opening balance of USD100, EUR100 and GBP100 and Kshs1,000.

The branch is also a two in one, also hosting the BOA Agence Elite private banking Centre. This is the first of its kind for BOA in Kenya and caters for its higher income earners and savers.

Goodwill account comes in the wake of the launch earlier this year of Wakili Account for law firms, and Chama Account targeting investment groups.