NCBA Group and Visa have unveiled a collaborative effort to introduce an online platform for managing spending and expenses tailored for NCBA’s commercial card clients.
This platform, known as Visa Spend Clarity, empowers businesses by providing them with a comprehensive view of their expenditures and enhancing their overhead reporting capabilities.
The advanced data and reporting features serve to optimize resource allocation and cash flow management for these enterprises.
Visa Spend Clarity is a versatile platform available in two accessible formats: Web UI and Mobile Applications for both Android and iOS. It is a vital component of Visa Commercial Solutions, a suite of products and services designed to cater to businesses of all sizes.
This tool 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.
The platform’s expense management capabilities facilitate 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.
Retail Director at NCBA Group, Tirus Mwithiga expressed his enthusiasm about this development, emphasizing the bank’s commitment to meeting the needs of its customers.
He believes that Visa Spend Clarity is a pivotal step in assisting corporate clients with their expense management, setting the stage for the bank’s continued growth and expansion.
On her part, Eva Ngigi-Sarwari, Visa Kenya Country Manager, 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.